Affordable Housing - Budget 2017's Commitment

TORONTO, ONTARIO--(Marketwired - April 5, 2017) - Investing in affordable housing is about making things better for Canadians families and helping them succeed, building healthier lives, more opportunities for jobs and making neighbourhoods better.

Budget 2017 proposes to invest more than $11.2 billion over 11 years, in addition to preserving the baseline funding related to expiring social housing agreements. These investments are for initiatives designed to ensure that more Canadians have access to housing that meets their needs and that they can afford.

The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation, was in Toronto today to highlight housing measures in Budget 2017. With its strong focus on innovation, housing, skills, partnerships and fairness, Budget 2017 takes the next steps in securing a more prosperous future for all Canadians.

Quick facts:

• Later this year, CMHC will deliver the National Housing Strategy, which will include some of the measures announced in Budget 2017, such as:
  • A renewed partnership between the Government and provinces and territories to better support shared housing priorities.
  • A new $5 billion National Housing Fund to address critical housing issues, and better support vulnerable citizens.
  • Targeted support for northern housing to address higher needs and costs.
  • Targeted housing support for Indigenous Peoples living in social housing off-reserve.
  • Renewed and expanded federal investments to combat and prevent homelessness.
  • Making surplus federal lands available for the development of affordable housing.
  • Expanded funding to strengthen housing research and data collection.
• Budget 2017 initiatives build on the Government's Budget 2016 announcement of $5 billion over five years. These investments focused on seniors; energy and water efficiency of social housing; affordable rental housing construction, financing and innovation; building and maintaining shelters for victims of family violence; tackling homelessness; and additional investments for housing in First Nations, Inuit and Northern communities.

Quotes:

"Our Government is taking action to strengthen the middle class-the heart of Canada's economy. Through these new investments and the coming National Housing Strategy, we will ensure that more Canadians have access to housing that meets their needs and that they can afford. We will reduce housing need, lift more Canadians out of poverty, and contribute to strong, more inclusive communities."- Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation

"Safe, affordable, good quality housing is an essential foundation for building healthy lives, strong communities and economic success for all Canadians. We are very encouraged to see national leadership and long-term investment that will help drive innovation and real solutions in housing affordability. The National Housing Collaborative looks forward to working with the government to develop a National Housing Strategy that helps Canadians overcome barriers to affordability." - Pedro Barata, Senior Vice President, Strategic Initiatives and Public Affairs, United Way Toronto & York Region, and Co-Chair National Housing Collaborative

Associated links:

• CMHC has been helping Canadians meet their housing needs for more than 70 years. As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of CMHC's operations. For more information, please call 1-800-668-2642 or visit www.cmhc.ca.

Stay connected:

Follow CMHC on Twitter, YouTube, LinkedIn and Facebook.