$2.3 billion to be funnelled into social housing in Canada

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About $2.3 billion will be funnelled into social housing infrastructure, Trudeau’s Liberal government announced today in Canada’s 2016 budget.

The money will come over a period of two years, with $2.2 billion going to social infrastructure, and $739 million for First Nations, Inuit, and Northern housing.

Image: Bombardier

SEE ALSO: $370 million public transit funding coming to Metro Vancouver in federal budget

A “significant portion” of that money will be allocated to provinces and territories to spend as they see fit on social housing.

Nationally, money allocated for affordable housing will be twice as much as it is currently for the 2016-17 fiscal year. More than $504 million will be invested over two years for the construction of new affordable housing units, the renovation and repair of existing affordable housing, rent supplements, and other measures.

Seniors can expect $200.7 million over a two-year period for affordable housing, which is expected to benefit more than 5,000 low-income senior households. Additionally, another $208 million will go towards affordable rental housing over a period of five years and will be administered by the Canadian Mortgage and Housing Corporation. It will support the construction of 4,000 affordable housing rental units.

Image: Canadian Parliament / Shutterstock

SEE ALSO: Spending galore: $29.4 billion deficit set for Canada in 2016/17

The Homelessness Partnering Strategy will see nearly $112 million invested in initiatives to prevent and reduce homelessness and allow better supports for youth, veterans and women fleeing violence. Construction of shelters and transitional homes for victims of domestic abuse to the tune of $89 million should be expected over the next couple of years.

For the first time, the 2016 budget includes an entire section dedicated to the needs of First Nations people, and housing is no exception. Around $416 million will be dedicated to address immediate housing needs on reserves.

Here’s a breakdown of affordable housing investments in millions of dollars:

Image: Government of Canada

Image: Government of Canada

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Lauren Sundstrom Lauren is a Staff Writer and Projects Assistant at Vancity Buzz. She is a graduate of BCIT's Broadcast and Online Journalism program. She loves reporting on breaking news and lifestyle content. If you feel like you have a story that needs to be told, fire her a tweet.
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