The Canadian government is taking significant steps to address the national housing crisis with the announcement of a new $1.5-billion housing fund. Prime Minister Justin Trudeau emphasized that the Canada Rental Protection Fund will help non-profit organizations acquire affordable rental units and ensure they remain accessible to Canadians.

The fund, which will be included in the upcoming federal budget, will provide $1 billion in loans and $470 million in contributions to non-profits and other partners. This initiative is inspired by the success of a similar rental protection fund in British Columbia, where the need for affordable rentals is increasing as more units are lost to investors and conversions.

This announcement is part of a larger effort by the Liberal government to address the housing crisis, with Housing Minister Sean Fraser highlighting a series of policies aimed at protecting and expanding the country’s rental stock. The government has also committed to adding $15 billion to an apartment construction loan program and announced a $6-billion infrastructure fund to support homebuilding.

However, funding for provinces and territories will come with conditions, including the adoption of a renters’ bill of rights and allowing the construction of fourplexes on residential land in municipalities. While some provincial premiers have criticized the federal government for overstepping into provincial jurisdiction, the government remains focused on providing affordable housing solutions for Canadians.

Overall, the Canada Rental Protection Fund and other housing initiatives demonstrate a commitment to addressing the housing crisis and ensuring that all Canadians have access to affordable and secure rental options. With continued investment and collaboration, the government aims to make meaningful progress in improving the housing landscape across the country.

For more information, visit the official website of THE CANADIAN PRESS.

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