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Federal government to give $471 million to Toronto in housing deal

Darpan News Desk The Canadian Press, 21 Dec, 2023 11:42 AM

The federal government says it will give Toronto nearly half a billion dollars in housing funding.

Prime Minister Justin Trudeau made the announcement in Toronto this morning, saying the city will receive $471 million from the federal Housing Accelerator Fund.

Live from Toronto: We’re announcing an agreement to build more homes, faster for Torontonians. Tune in here for the details: https://t.co/WC4qeoYmdQ
— Justin Trudeau (@JustinTrudeau) December 21, 2023

The $4-billion fund is a federal initiative to encourage municipalities to make changes to bylaws and regulations that would spur more housing construction, in exchange for more money.

Some of the changes Ottawa has pushed for include denser zoning and faster issuance of permits.

Housing Minister Sean Fraser, Toronto Mayor Olivia Chow and others were alongside Trudeau for the funding announcement.

Including the announcement today, Ottawa has reached deals with 16 municipalities across the country.

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