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February 9, 2024
With federal funding and federal leadership, we are changing how cities let housing get built in their municipalities. With a greater focus on higher density housing, student housing, homes near transit and affordable housing we are going to get more homes built for Canadians at prices they can afford.
Today, the Government of Canada and the City of Coquitlam announced that they reached an agreement to fast track over 650 housing units over the next three years. This work will help spur the construction of more than 2,800 homes over the next decade.
The agreement, under the Housing Accelerator Fund (HAF) will provide over $25 million to eliminate barriers to building the housing we need, faster. Coquitlam’s Action Plan commits to seven local initiatives that enable a variety of housing forms and densities to meet the diverse needs of the community. The funding will support innovative initiatives to streamline redevelopment of underused sites along key growth corridors, incentivize purpose-built and affordable rental housing, and reduce parking requirements city-wide. Initiatives also include delegating the approval of minor development variance permits to staff, strengthening partnerships with non-profits to expedite affordable housing, expanding digital permitting to improve processing times, and updating design guidelines to reduce time spent on design review.
HAF is helping cut red tape and fast track at least 100,000 permitted new homes over the first three years, which cities and regions estimate will lead to the creation of almost 550,000 permitted new homes for people in towns, cities, and Indigenous communities across Canada over the next decade. It asks for innovative action plans from local governments, and once approved, provides upfront funding to ensure the timely building of new homes, as well as additional funds upon delivering results. Local governments are encouraged to think big and be bold in their approaches, which could include accelerating project timelines, allowing increased housing density, and encouraging affordable housing units.
The Government of Canada is making life more affordable for Canadians — and housing is key to our work. We will continue to work with provincial, territorial, and municipal governments, as well as Indigenous partners, to keep building more homes for Canadians, faster.
“We are excited and proud to announce this partnership with Coquitlam today. By streamlining the redevelopment of underused sites, incentivizing purpose-built and affordable housing and reducing time spent on design review by updating design guidelines, the City will ensure that Coquitlam has more of the kind of homes we need to tackle the housing crisis. We will continue working with cities, mayors, and all levels of government, to get more homes built for Canadians at prices they can afford.
— The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
“Our government knows the importance of safe, affordable, and accessible housing. It is a catalyst that allows Canadians to pursue education, jobs, and opportunity. When housing is in short supply, Canada’s whole economy suffers. With today’s announcement, we are eliminating barriers, investing in the economy, and supporting Canada’s middle class.”
— Ron McKinnon, Member of Parliament for Coquitlam – Port Coquitlam
“Housing is the foundation upon which individuals and families build their lives. This $25 million federal investment in Coquitlam supports our efforts to meet the diverse housing needs of our community, while also supporting a suite of initiatives aimed at enhancing our community’s growth.”
— Richard Stewart, Mayor for the City of Coquitlam
Information on this news release:
Office of the Minister of Housing, Infrastructure and Communities
Canada Mortgage and Housing Corporation