'Housing is a solvable problem' Trudeau says, unveiling first funding under program pledged years ago

Prime Minister Justin Trudeau has announced the 'first of many' municipal agreements under the federal government's Housing Accelerator Fund. Through this $4 billion program, the Liberals are targeting the creation of 100,000 net new housing units across Canada.

Prime Minister Justin Trudeau announced the "first of many" municipal agreements under the federal government's Housing Accelerator Fund on Wednesday, a small-scale step that the Liberals are framing as an example of how they plan to tackle the issue that's become so pressing for many Canadians.

The $74-million deal with London, Ont. will fast-track the creation of more than 2,000 housing units over the next three years, and build thousands more in the years following. The Liberals say it is part of a promised multi-pronged housing strategy to be illuminated in the months ahead.

These housing units will include high-density development without the need for re-zoning, and clear the way for more development of duplexes, triplexes, and small apartment buildings close to public transit on city land, according to the government. 

Through the Housing Accelerator Fund, the government is targeting the creation of 100,000 net new housing units across Canada by incentivizing municipalities to cut red tape by updating their zoning and permit systems to allow for speedier construction of residential properties. 

Describing Wednesday's announcement as the "first of many," Trudeau said that as similar deals are struck with other cities, thousands of more affordable homes will come onto the market.

"Housing is a solvable problem, and we're all going to solve it if we work together. Canada has done it before, and we're going to do it again," Trudeau said.

The $4-billion Housing Accelerator Fund was first promised in the 2021 federal election, and the money was earmarked in the 2022 federal budget as part of a $10-billion housing-focused package.