The federal government announced it has reached an agreement with the City of Vaughan to fast-track the development of over 1,700 new housing units and incentivize thousands of additional homes over the next three years. Issued through the Housing Accelerator Fund, $59 million in funding will be used toward the creation of high-density residences near public transit, prioritizing apartments and affordable housing and helping fix outdated permitting systems and zoning by-laws.
“The status quo on home building in this country just isn’t working,” said Prime Minister Justin Trudeau. “We need more apartments, affordable housing, homes within walking distance of public transit – and we need to do it faster. That’s what today’s announcement in Vaughan is all about. We’re going to keep working with local governments on their innovative approaches to building more homes, faster.”
According to the government, the Housing Accelerator Fund is helping cut red tape and develop housing for people in towns, cities, and Indigenous communities across Canada. When developing their action plans, local municipalities are encouraged to “think big” and “be bold” in their approaches, which could include steps to accelerate project timelines, increase housing density, and encourage affordable housing units.
“Vaughan has always been a destination of choice that people dream of calling home and where future generations wish to raise their families, start businesses, and enjoy an unrivalled quality of life,” said Steven Del Duca, Mayor of Vaughan. “Working with my fellow Members of Vaughan Council, we were pleased to work with the federal government to ensure Vaughan secured this critical city-building investment. I am proud to stand alongside Prime Minister Trudeau for this historic announcement as part of the Housing Accelerator Fund to build new housing units in Vaughan and to help bring this dream closer to reach for countless families and residents.”
Vaughan is one of Canada’s fastest-growing cities, expected to welcome 7,700 new residents each year over the next 30 years.. The Housing Accelerator Fund is a $4 billion initiative from the Government of Canada that will run until 2026-27.
