Budget 2024
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Budget 2024
The federal government tabled the 2024 budget on April 16. Most of the budget focused on economic measures to improve the economy, affordability, and housing availability. As part of the commitment to facilitate building new homes the government announcanced a new $6 billion Canada Housing Infrastructure Fund to help communities build the essential infrastructure needed to support more homes, and more vibrant, and livable neighbourhoods.
According to the Prime Minister's Office (PMO), the fund will include $1 billion for "urgent infrastructure needs" such as improving wastewater, stormwater, and solid waste systems.
The remaining $5 billion will be set aside for the yet-to-be-negotiated agreements with provinces and territories.
The federal government will require provinces and territories to commit to a series of actions meant to increase Canada's housing supply in order to access this funding.
Among the requirements:
- Municipalities have to allow more "missing middle" homes such as duplexes, triplexes, and townhouses;
- A three-year freeze will have to be implemented on increasing development charges for municipalities with populations larger than 300,000;
- Incoming changes to the National Building Code aimed at supporting more accessible, affordable, and environmentally-friendly housing options will have to be adopted; and
- Permitting pre-qualified or "as-of-right" construction, where developments conform to existing building and zoning approvals and don't require discretionary approval, for the federal housing design catalogue(opens in a new tab).
As for the timing of this new funding, provinces will have until Jan. 1, 2025 to secure a deal with the federal government, while territories will have until April 1, 2025.
"If a province or territory does not secure an agreement by their respective deadline, their funding allocation will be transferred to the municipal stream," reads the PMO release accompanying Trudeau's announcement.
Access the full budget: https://budget.canada.ca/2024/home-accueil-en.html
