March 5th, 2024

Federal government to give $471 million to Toronto in housing deal

By The Canadian Press on December 21, 2023.

Prime Minister Justin Trudeau delivers remarks during a housing announcement in Ajax, Ont., on Thursday, Nov. 30, 2023. The federal government is set to announce nearly half a billion dollar in housing funding for the City of Toronto, according to a senior government official.THE CANADIAN PRESS/Christopher Katsarov

TORONTO – The federal government says it will give Toronto nearly half a billion dollars in housing funding.

Prime Minister Justin Trudeau made the announcement in Toronto this morning, saying the city will receive $471 million from the federal Housing Accelerator Fund.

The $4-billion fund is a federal initiative to encourage municipalities to make changes to bylaws and regulations that would spur more housing construction, in exchange for more money.

Some of the changes Ottawa has pushed for include denser zoning and faster issuance of permits.

Housing Minister Sean Fraser, Toronto Mayor Olivia Chow and others were alongside Trudeau for the funding announcement.

Including the announcement today, Ottawa has reached deals with 16 municipalities across the country.

This report by The Canadian Press was first published Dec. 21, 2023.

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