Billions Announced For Housing Construction In Federal Fiscal Update

The federal government released its fall economic statement yesterday, which included billions for new housing.

Fifteen-billion dollars will go towards a loan fund to build more than 30-thousand homes, with the program beginning in 2025-26. 

$1 billion will go towards a new affordable housing fund to help build another 7,000 new homes.

The updated statement also points to a move to update the federal mortgage charter, which ensures financial institutions offer reasonable payments for borrowers.

The BC government appears pleased with the new cash, but Finance Minister Katrine Conroy says she’d prefer to see plans in place prior to the 25-26 fiscal year.

To learn more about the Fall Economic Statement, visit Government of Canada.