Trudeau's government unlocks federal land for affordable housing, targeting 250,000 new homes by 2031
The Canadian government, led by Prime Minister Justin Trudeau, has identified 56 federal properties, as reported by Financial Post.
These properties could be used to build hundreds of new affordable homes, addressing the ongoing housing shortage.
These properties, collectively covering an area equivalent to about 2,000 hockey rinks, will be part of the newly established Canada Public Land Bank.
The government announced that five of these properties, located in Toronto, Montreal, Calgary, Edmonton, and Ottawa, are already available for long-term leasing at discounted rates.
Builders are encouraged to submit their development plans through the Canada Mortgage and Housing Corp.’s website.
The list of available properties will be updated regularly as more land becomes accessible.
Housing Minister Sean Fraser, who is spearheading the national housing strategy, emphasized the importance of land availability in the effort to build more homes.
Fraser aims to oversee the construction of up to 3.9 million homes by 2031, surpassing the 3.5 million homes that the Smart Prosperity Institute estimates are needed to meet demand.
The government estimates that unlocking public lands could lead to the creation of up to 250,000 new residential units. To facilitate this, a $500m acquisition fund is being established to purchase additional land from other levels of government.
Fraser announced these plans as Trudeau’s cabinet began a three-day retreat in Halifax.
The government’s initiative comes at a time when Canadians are increasingly concerned about the cost of living, particularly due to rising rents and home prices, which have contributed to a decline in the government’s popularity in recent polls.
