Helping build more homes, faster in Yellowknife

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 Yellowknife announced that they reached an agreement to fast track over 150 homes in the next three years and spur the construction of 2,500 homes over the next decade.

The agreement, under the Housing Accelerator Fund (HAF), will provide over $8.4 million to eliminate barriers to building the housing we need, faster. Yellowknife’s Action Plan which commits to eight local initiatives that enable a variety of housing forms and densities to meet the diverse needs of the community. Initiatives will promote redevelopment of underused sites, introduce a new density policy, prepare land for residential development, streamline development processes and conduct infrastructure planning to support housing. Work will also expand the City of Yellowknife’s Community and Energy Plans to include climate mitigation and adaptation strategies that support climate change resilience and affordability.

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 over 750,000 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.

Quotes:

“Today’s announcement will help fast track more than 150 homes in Yellowknife in the next three years and 2,500 over the next decade. We will continue working with municipalities, mayors, Indigenous partners, and all levels of government to get more homes built for Canadians at prices they can afford”

“Our municipalities are keenly aware of the housing crisis our country is currently experiencing, and they know the real needs of our communities. The Housing Accelerator Fund is an acknowledgement that the status quo is no longer sufficient. By working together, innovative initiatives led by the municipalities will remove barriers, incentivize the redevelopment of underused lands, and streamline construction. In collaboration with these communities, our government is proud to help them grow and get more homes built for the people of the Yellowknife.”

“The City of Yellowknife remains committed to working on solutions to address the housing challenges in our community, and with this funding, we’ll be able to accelerate and enhance the work underway,” said Mayor Rebecca Alty. “With this funding, we’ll be able to complete core work like a Housing Needs Assessment; update and enhance our Development Incentive Bylaw; work on streamlining the development process; and much more. We look forward to continuing to work with all levels of government, NGOs, the private sector and residents to address this pressing need.”

Quick facts:

• Today’s announcement was made by Michael McLeod, Member of Parliament for the Northwest Territories on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, and Garett Cochrane, Deputy Mayor of Yellowknife.
• Launched in March 2023, the Housing Accelerator Fund is a $4 billion initiative from the Government of Canada that will run until 2026 – 27. Budget 2024 proposes an addition al $4.4 million to this program.
• The Housing Accelerator Fund is part of Canada’s National Housing Strategy, an $82+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.
• On April 12, 2024, the federal government released Solving the housing crisis: Canada’s Housing Plan, supported by new investments proposed in Budget 2024.
• As of December 31, 2023, the Government of Canada has committed over $42.99 billion to support the creation of almost 152,000 units and the repair of over 270,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.

Additional information:

• Housing Accelerator Fund
• Housing Accelerator Fund — Building more homes, faster
• Building more homes, faster
• Making housing more affordable for Canadians
• National Housing Strategy

Information on this news release:

Micaal Ahmed
Office of the Minister of Housing, Infrastructure and Communities
micaal.ahmed@infc.gc.ca

Media Relations
Canada Mortgage and Housing Corporation
media@cmhc-schl.gc.ca