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Ontario introduces bill to improve the lives of workers working at construction sites with all-round rules and regulations.
Since before the Budget Day on April 16, Prime Minister Justin Trudeau has been making announcements addressing the housing crisis facing the North American nation. From incentivizing the construction of affordable housing to reconstruction, these plans promise to improve the housing infrastructure of Canada.
What is Canada Rental Protection Fund?
On April 4, it was announced the Canadian Government would be rolling out a Canada Rental Protection Fund. Through the program, the nonprofit organizations will be able to receive money for the purposes including acquisition of affordable housing, preservation and renovation of these homes, and protection against unreasonable rent-hikes. The program aims to improve the state of affordable housing country-wide with a more organized approach.
How will the Funds be Allocated?
The money can be availed in two ways – as grants and as loans. The Federal Government will be partnering up with institutions and organizations to allow $470M in grants and $1B in loans. However, the first-year grant allocation will be just $5 million which is much below the expectation. Even if both provincial and private contributions match the budget dollar to dollar, only about 200 houses can be preserved.
What does the Expert Say?
CEO of the BC Rental Protection Fund, Katie Maslechko stated in a press release last week, “The initial grant allocation will not move the needle in preserving rental property… The federal government has just introduced the most ambitious housing investment in over 50 years, but that investment will not make the impact it needs to if we are losing 10.5 instead of 11 homes for every new home.“
In an interview with STOREYS, Maslechko said, “We were definitely thrilled to see [the Canada Rental Protection Fund] land in the budget, but it’s a little bit underwhelming in terms of how much of the grant dollars will be flowing in that first year… You’d be lucky if that would secure you two of three buildings, and probably not in Ontario or BC.”
Since before the Budget Day on April 16, Prime Minister Justin Trudeau has been making announcements addressing the housing crisis facing the North American nation. From incentivizing the construction of affordable housing to reconstruction, these plans promise to improve the housing infrastructure of Canada.