Maple News reports that the federal government’s $4 billion Housing Accelerator Fund, launched in March 2023, is already exceeding expectations. Originally aimed at fast-tracking the creation of 100,000 new homes across Canada, the program is on track to deliver significantly more, with over 21,000 new units already in the planning stages across multiple cities.
The initiative is designed to address Canada’s growing housing crisis by working in partnership with municipalities to enhance zoning, reduce red tape, and accelerate construction timelines. The Housing Accelerator Fund targets key urban centres with pressing housing demands and partners with local governments to deliver funding in exchange for concrete commitments to build more homes and improve housing affordability.
So far, ten cities have signed agreements as part of this ambitious federal program. These include London, Vaughan, Hamilton, Brampton, and Kitchener in Ontario; Halifax in Nova Scotia; Kelowna in British Columbia; Calgary in Alberta; and Moncton in New Brunswick. Each city will receive federal funding based on their housing goals, policy reforms, and capability to deliver on promised outcomes.
London, Ontario, was the first city to sign on in September 2023. The $74 million in federal support aims to bring 2,000 new homes online. London’s plan includes allowing up to four housing units on low-density lots and leveraging city-owned property for development. Efforts will also be made to collaborate with non-profit housing providers to build more accessible housing.
Vaughan will receive $59 million to add 1,700 homes, largely through higher-density developments near public transit hubs like subway and GO stations. The city is also committing to streamline its permitting system to accelerate the approval of apartment buildings and affordable housing projects.
In Hamilton, a $93.5 million investment will support the construction of 2,600 new homes, many of them located near the upcoming Light Rail Transit (LRT) stations. The goal is to capitalize on future transit infrastructure to foster urban growth and sustainable housing.
Additionally, on November 9, 2023, Ottawa and Quebec reached a landmark deal to co-invest $1.8 billion—$900 million of which comes from the federal government. This substantial contribution represents nearly 23% of the total Housing Accelerator Fund and underscores the urgency of the housing shortage in Quebec.
As the fund continues to expand, more municipalities are expected to finalize agreements, further driving momentum in Canada’s nationwide push to increase affordable housing supply. As of now, the Housing Accelerator Fund is not just proving to be a catalyst for new construction but also a transformative force aiming to reshape Canada’s urban housing landscape for years to come.