OTTAWA — Canada plans to fund new 5-year rent-to-own housing projects as part of an over C$2 billion ($1.53 billion) investment aimed at creating nearly 17,000 homes across the country, Prime Minister Justin Trudeau said on Tuesday.
The money, earmarked in previous budgets, would go toward creating 4,500 new affordable housing units through a rapid housing plan and at least 10,800 houses through the government’s Affordable Housing Innovation Fund, Trudeau said.
Funding would also be aimed at helping housing providers develop and test rent-to-own models and projects that would help Canadians transition from renting to buying their first home.
“Tackling housing affordability is a complex problem and there is no one silver bullet, but announcements like today’s give more people a place to call home, and a real and fair chance at success,” Trudeau said.
Boosting housing affordability was a key part of the Liberal government’s April budget, which promised fresh funding and a ban on foreign investors from buying Canadian homes for two years, among other measures. ($1 = 1.3082 Canadian dollars) (Reporting by Ismail Shakil and Steve Scherer in Ottawa; Editing by Chizu Nomiyama)