- Log in to post comments
On Tuesday, April 2, Prime Minister Trudeau announced key measures to cut red tape, build more homes, and help communities grow as part of the upcoming 2024 federal budget.
Measures that may be of interest to our members and the municipal sector include:
- An additional investment of $400 million for the Housing Accelerator Fund to fast-track an additional 12,000 new homes in the next three years.
- Launching the $6 billion Canada Housing Infrastructure Fund to accelerate the construction and upgrading of critical housing infrastructure including water, wastewater, stormwater, and solid waste infrastructure.
- $1 billion will go directly to municipalities for shovel-ready projects that address urgent infrastructure needs in 2024-2025.
- $5 billion will flow through provinces and territories that adopt changes to the National Building Code, require municipalities to adopt four units as-of-right and allow more “missing middle” homes, freeze development charges for three years for municipalities of 300,000 population, and implement the Home Buyers’ and Renters’ Bill of Rights. The Province of Ontario will have until January 1, 2025, to negotiate an agreement with the federal government. If no agreement is reached, funding will go directly to municipalities willing to meet conditions.
- New requirements for municipalities to access public transit funding, including eliminating all mandatory minimum parking requirements within 800 metres of a high frequency transit line, allowing high-density housing within 800 metres of a high frequency transit line and post-secondary institutions, and completing a Housing Needs Assessment if over 30,000 population.
The funding announcement follows the release of Ontario’s Budget 2024 and calls from Ontario opposition parties to support a province-wide fourplex housing policy.
Municipalities rely on provincial and federal funding to help fund new and existing infrastructure, especially as restrictions are placed on development charges. As an Association, we advocate for continued provincial and federal financial support and investments to ensure vital community infrastructure. While these funding opportunities are welcomed, it is important that application and reporting processes are streamlined to reduce the burden on municipal staff while respecting local decision-making processes and timelines.
The Government of Canada’s Budget 2024 will be tabled in the House of Commons by the Deputy Prime Minister and Minister of Finance on Tuesday, April 16, 2024. As the budget comes forward, we will continue to monitor announcements and related details that impact our members.