Canada Federal Government Commits $900M to Build Housing in Quebec, Matched by Province



Learn about the Canadian federal government's substantial $900 million commitment to building housing in Quebec, matched by the province. This joint investment of $1.8 billion over four years aims to address Quebec's housing crisis effectively. Stay informed with the latest news and updates.

Prime Minister Justin Trudeau and Quebec Premier François Legault have announced a joint investment of $1.8 billion over the next four years to expedite the construction of housing in Quebec. In a unique move, the provincial government will match the federal funding of $900 million, marking a significant commitment to address the ongoing housing crisis in the province.


Canada Federal Government Commits $900M to Build Housing in Quebec, Matched by Province

This substantial investment aims to create 8,000 social and affordable housing units, with a specific allocation of 500 units for individuals experiencing homelessness or at risk of homelessness. Additionally, the long-term impact of this combined funding is expected to contribute to the construction of tens of thousands of additional homes. This comes at a crucial time when Canada is grappling with high housing costs that have made it increasingly challenging for many individuals to secure affordable housing.

The Canada Mortgage and Housing Corporation recently estimated that by 2030, Quebec will require over 1.1 million more housing units in order to restore affordability levels comparable to 2004 for average income households. Premier Legault expressed gratitude for the federal government's unconditional contribution, emphasizing that it will enable the province to construct more affordable homes at an accelerated pace. Quebec already earmarked $3.9 billion to support new housing projects within the next five years.

To optimize the construction process and reduce delays, the province plans to undertake regulatory reforms. These reforms will involve streamlining urban densification measures and cutting unnecessary bureaucratic red tape. One particular concern highlighted by Longueuil Mayor Catherine Fournier was the accumulation of zoning rules without reassessment. She cited an ongoing effort in her city to review and revise around 1,800 zoning rules currently in place. Trudeau acknowledged that regulatory challenges were frequently discussed during conversations with municipal leaders and developers.

In conclusion, this substantial joint investment by the federal and provincial governments demonstrates a commitment to addressing the pressing housing crisis in Quebec. By directly funding the construction of social and affordable housing units, this initiative will provide thousands of individuals with secure and affordable homes. The long-term impact of these investments is expected to contribute significantly to increasing the availability of housing options across the province. However, it is crucial for the government to continue addressing regulatory hurdles and streamlining processes to ensure efficient construction and timely housing delivery.

Canada Federal Government Commits $900M to Build Housing in Quebec, Matched by Province

Support Ogusyis by making a contribution – no matter how small.


Enter your amount
£
Enter your amount
£
Enter your amount
£
Yourname
Email
Phone


U.S. Home Sales Decline Amid Record Prices and Rising Mortgage Rates

U.S. existing home sales continue to drop for the third month in a row due to record-high prices and increasing mortgage rates, but a surge in housing inventory offers hope for potential buyers.

U.S. existing home sales continue to drop for the third month in a row due to record-high prices and increasing mortgage rates, but a surge in housing inventory offers hope for potential buyers.

Read more

Canada’s Housing Market Weakens in May Amid Anticipation of Bank of Canada Interest Rate Cut

The benchmark price of a home in Canada fell 0.2% in May to $714,300, with prices down 2.4% from last year. Will the upcoming interest rate cut provide relief for buyers?

The benchmark price of a home in Canada fell 0.2% in May to $714,300, with prices down 2.4% from last year. Will the upcoming interest rate cut provide relief for buyers?

Read more

Spanish Island and Coast House Prices Return to 2008 Levels

Discover how house prices on Spanish islands and coast have surged, nearing 2008 highs with an average 3.3% rise in May.

Discover how house prices on Spanish islands and coast have surged, nearing 2008 highs with an average 3.3% rise in May.

Read more

Discover Spain's Top Neighborhoods for Foreigners

Discover Spain's top neighborhoods for foreigners and explore the most sought-after locations for property investment. Start your search for the perfect home in Spain today!

Discover Spain\'s top neighborhoods for foreigners and explore the most sought-after locations for property investment. Start your search for the perfect home in Spain today!

Read more

27% of Canadian Renters Ready to Buy | Royal LePage Study

Discover the latest findings from the Royal LePage study, revealing that 27% of Canadian renters are ready to overcome financial hurdles and purchase a property within the next two years.

Discover the latest findings from the Royal LePage study, revealing that 27% of Canadian renters are ready to overcome financial hurdles and purchase a property within the next two years.

Read more

Australia Real Estate Prices Set to Soar in Two-Speed Market

Get the latest forecast on Australia real estate prices, with record growth expected in most markets but varying rates of increase.

Get the latest forecast on Australia real estate prices, with record growth expected in most markets but varying rates of increase.

Read more

European Property Market: A Shift in Price Trends

Discover the latest trends in the European real estate market and why the days of lower prices may soon be over. Stay ahead of the curve with insights on residential property values holding strong.

Discover the latest trends in the European real estate market and why the days of lower prices may soon be over. Stay ahead of the curve with insights on residential property values holding strong.

Read more

Rental Housing Sales Surge in The Netherlands

Get ready for a surge in rental housing sales in The Netherlands as real estate companies warn of a second wave hitting the market next year. Stay informed about the latest developments in the real estate market and how it may impact rental properties in The Netherlands.

Get ready for a surge in rental housing sales in The Netherlands as real estate companies warn of a second wave hitting the market next year. Stay informed about the latest developments in the real estate market and how it may impact rental properties in The Netherlands.

Read more

Rental Costs in Switzerland Surge by Over 5% Annually

Discover the latest data on the rising rental costs in Switzerland, increasing by more than 5% each year. Stay informed on the current trends.

Discover the latest data on the rising rental costs in Switzerland, increasing by more than 5% each year. Stay informed on the current trends.

Read more

Copyright © Ogusyis. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Ogusyis.