Federal government says it will build 17,000 homes, pegs cost at $2 billion

The federal government says it will spend more than $2 billion to build 17,000 homes, including thousands of affordable units.

Prime Minister Justin Trudeau made the announcement today in Kitchener, Ont., alongside Housing Minister Ahmed Hussen.

The Rapid Housing Initiative will be extended for a third round to build 4,500 affordable housing units, some of which will be part of women-focused housing and homelessness projects.

At least another 10,800 homes will be built through the Affordable Housing Innovation Fund, 6,000 of which will be affordable units.

The federal government is also creating a five-year rent-to-own program to help develop and test rent-to-own models and projects.

The funding for these projects was allocated in the 2021 and 2022 federal budgets.