Trudeau announces $471M for Toronto to help fast-track housing construction | FULL

Canadian Prime Minister Justin Trudeau on Thursday pledged more than $471 million to the city of Toronto to help fast-track housing construction.

Trudeau said the money would enable Toronto to build nearly 12,000 new housing units over the next years. Under the terms of the deal, Toronto will work to streamline zoning bylaw approval, expand affordable rental programs, cut "red tape" and unlock non-market housing.

The price of housing has been on the rise across Canada as a result of interest rate hikes, a shortage of accommodation and a population that is growing at its fastest rate in more than 60 years. The pressures have been particularly acute in Toronto.

Earlier this month, the federal government announced it would revive a post-World War Two strategy that would make pre-approved housing blueprints available to builders in an effort to accelerate housing construction.

For more info, please go to https://globalnews.ca/news/10182372/bank-of-canada-rate-cuts-housing-market-rebound/

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