Tuesday, February 27, 2024

An additional $2 trillion in financing for new rental housing was announced

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In late September federal Finance Minister Chrystia Freeland announced an additional $2 trillion in funding for new rental housing

A large number of Canadian homes are damaged, overcrowded or too expensive to live in. This is said in the recently published census report.

In data released Wednesday, Statistics Canada released several indicators of Canadian housing conditions. These include livability, adequacy and economy. All of the problems are common to Canadian households, the agency said. Each has more than a million inhabitants. This rate is extremely high among marginalized communities.

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According to 2021 Canadian Census data, one in six homes that residents live in is unaffordable. For rented houses, the rate is one in three.

Rented houses were more in need of repair during the census. At that time, 7.3 percent of rental houses and 5.3 percent of own houses needed renovation.

In late September, federal Finance Minister Chrystia Freeland announced an additional $2 trillion in funding for new rental housing. Along with that, he also announced to increase the Canada mortgage bond from 4000 billion dollars to 6000 billion dollars.

In a statement, Freeland called the announcement the latest step in the government’s plan to build more homes. It is part of an initiative to make housing affordable for Canadians across Canada.

9.7 per cent of Canadians participating in the census live in homes with very few bedrooms. However, the experience of piling is comparatively more among the newcomers. 28.6 percent of those who immigrated to Canada between 2016 and 2021 did so. One in three of them do not have permanent resident status.

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