Funding is being distributed through the Affordable Housing Fund, which also supports the renovation of older buildings and the conversion of commercial space into residential use. For example, in downtown Vancouver, a former 1980s office building will be converted into 120 apartments for young professionals and students.
Advertising
Experts note that despite these efforts, construction rates still lag behind population growth. According to Statistics Canada, the annual population growth rate in 2024 will be 1.8%, primarily due to immigration. This is creating a strong demand for housing, especially in the mid- and low-cost segments.
To expedite the process, the government also simplified permitting procedures in 12 pilot municipalities. Project approvals now take an average of 40% less time. This is especially important given the labor shortage in the construction industry.
At the same time, a 10-year fixed-rate rental housing program is being developed, providing families with financial stability. Participants in the program cannot be evicted due to rent increases as long as they comply with the terms of the agreement.
Industry representatives emphasize the importance of coordination between levels of government: federal funding must be combined with local urban development plans to avoid chaotic development and preserve green spaces.
While a complete solution to the housing crisis will take many years, current measures demonstrate a systemic approach. The goal is not simply to build houses, but to create sustainable, inclusive, and environmentally responsible communities.