The Deputy Prime Minister today also announced that the federal government is providing $16 million through the Affordable Housing Fund to build 214 new rental homes at 308 Colony Street—the latest new project in downtown Winnipeg. This near net-zero greenhouse gas emissions project includes 86 affordable homes for low-income and vulnerable Canadians and over 20 per cent of all homes are barrier-free or barrier-adaptable for persons with disabilities.

“In downtown Winnipeg, our economic plan is working—projects like 308 Colony are creating new affordable homes for those who need them most, ensuring a brighter future for this community today and for the next generation. It is ambitious home building—like here in Winnipeg—that Canada needs to overcome our housing challenges and ensure every Canadian has a safe and affordable place to call home.”

– The Honourable Chrystia Freeland,
Deputy Prime Minister and Minister of Finance

• The over $14 billion Affordable Housing Fund is building over 60,000 new affordable homes and repairing an additional 240,000 homes.

  • The Affordable Housing Fund prioritizes home construction for Canadians in greatest need, including seniors, Indigenous people, people experiencing or at risk of homelessness, women and children fleeing violence, and persons with disabilities.

• Canada’s economic plan, including recent investments in the 2023 Fall Economic Statement, is building more homes, faster, and making housing more affordable for Canadians. This plan also includes:

  • The Affordable Housing and Groceries Act, which is making it more affordable to build homes by removing the Goods and Services Tax (GST) on new rental projects;
  • Over $40 billion through the Apartment Construction Loan Program, which is providing low-cost financing to support more than 101,000 new rental homes across Canada by 2031-32;
  • $4 billion through the Rapid Housing Initiative, which is expected to help build more than 15,500 affordable homes for people experiencing homelessness or in severe housing need;
  • Over $200 million through the Federal Lands Initiative to build 4,500 new homes by repurposing surplus federal lands and buildings to housing providers at low or no cost;
  • Unlocking $20 billion in new financing to build 30,000 more rental apartments per year by increasing the annual limit for Canada Mortgage Bonds from $40 billion to up to $60 billion;
  • The Canadian Mortgage Charter, which details the tailored mortgage relief that the government expects banks to provide borrowers who are facing financial difficulty with the mortgage on their principal residence;
  • The new Tax-Free First Home Savings Account, which is a registered savings account that allows Canadians to contribute up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment; and,
  • Nearly $4 billion towards ending chronic homelessness, through Reaching Home, Canada’s Homelessness Strategy. 

Associated links

• 2023 Fall Economic Statement Backgrounder: Canada’s Housing Action Plan

Media may contact:

Katherine Cuplinskas
Press Secretary and Senior Communications Advisor
Office of the Deputy Prime Minister and Minister of Finance
Katherine.Cuplinskas@fin.gc.ca

Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000

General enquiries

Phone: 1-833-712-2292
TTY: 613-369-3230
E-mail: financepublic-financepublique@fin.gc.ca

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Micaal Ahmed
Office of the Minister of Housing, Infrastructure and Communities
micaal.ahmed@infc.gc.ca

Media Relations
Canada Mortgage and Housing Corporation
media@cmhc-schl.gc.ca