Canada’s economic plan is building more rental homes, faster in Victoria

From: Department of Finance Canada

News release

March 11, 2024 - Victoria, British Columbia - Department of Finance Canada

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, visited Hudson House in Victoria to highlight how Canada’s economic plan is building more homes, faster.

With the support of $100 million from the federal government’s Apartment Construction Loan Program, Hudson House is now welcoming its first residents into 1700 Blanshard Street, which will offer homes to 245 families. Hudson House is part of the larger Hudson District, which includes more than 950 new homes across six buildings.

The completion of these 245 new rental homes is a prime example of how the federal government is building more homes for everyone, including families, younger Canadians, and persons with disabilities. Hudson House, which includes 39 accessible homes, will rent 227 homes at or below 30 per cent of the median local household income. To protect renters, the affordability quota will be maintained until at least 2040.

Hudson House is a sustainable, mixed-use building that will produce nearly 20 per cent less greenhouse gas emissions than the typical mixed-use building. With over 8,300 square feet of commercial space, Hudson House will help businesses to start and grow in the neighbourhood. This commercial space will make Hudson House a place where people can comfortably live, work, play, and access the goods and services they need.

In addition to Hudson House, the federal government’s economic plan supported the nearby construction of:

  • 60 new homes at 840 Fort Street, with $13.25 million from the Apartment Construction Loan Program; and,
  • 47 new homes at 220 Cook Street, with $21.14 million from the Apartment Construction Loan Program.

Canada’s economic plan is building more homes, faster. The federal government is working with all orders of government to make housing more affordable for Canadians in Victoria and every corner of the country. 

Quotes

“Our economic plan is building 245 new homes at Hudson House in the heart of British Columbia’s capital. We are building more rental homes in Victoria—and all across the country—to unlock pathways to the middle class and build a brighter future for every Canadian, including the next generation.”

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

Quick facts

  • Hudson House is the last phase of the Hudson District community with more than 950 new homes across six buildings.

  • The over $40 billion Apartment Construction Loan Program, previously known as the Rental Construction Financing Initiative, boosts the construction of new rental homes by providing low-cost financing to homebuilders.

    • Since 2017, the Apartment Construction Loan Program has committed over $17 billion to build more than 46,000 new rental homes and is on track to build 101,000 new rental homes across Canada by 2031-32.

  • Canada’s economic plan 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 home construction;
    • $4 billion through the Rapid Housing Initiative, which is building more than 15,500 affordable homes for people experiencing homelessness or in severe housing need by 2026;
    • 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 by 2028;
    • 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 already helping more than half a million Canadians save up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment; and,
    • Over $4 billion towards ending chronic homelessness, through Reaching Home, Canada’s Homelessness Strategy. 

Associated links

Contacts

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

Stay Connected

Twitter: @financecanada
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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

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