Helping build more homes, faster in Prince Edward Island

With federal funding and federal leadership, we are changing how municipalities let housing get built in their communities. 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, the Town of O’Leary and the Municipality of Wellington announced that they reached agreements to fast track 27 homes over the next three years. This work will help spur the construction of more than 150 homes over the next decade. The agreements under the Housing Accelerator Fund (HAF), will provide more than $1 million to eliminate barriers to building the housing we need, faster.

O’Leary will receive over $590,000 to support its Action Plan which commits to seven local initiatives. Funding will help promote more secondary and garden suites on residential lots, convert commercial spaces for residential use, and create more rent-to-own opportunities as well as a grant program for non-profit housing organizations.

Wellington will receive over $478,000 to support five local initiatives. The Municipality will revise its zoning and development bylaws to create more homes in neighbourhoods, and look into expanding municipal boundaries allowing more room for development.

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 more than 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:

“We are excited and proud to announce this partnership with O’Leary and Wellington today. With initiatives like providing more rent-to-own opportunities, converting commercial spaces for residential use, and revising zoning bylaws, the communities are working to ensure that they have more of the kind of homes needed to tackle the housing crisis. We will keep working with municipalities, mayors, Indigenous partners, and all levels of government, to get more homes built for Canadians at prices they can afford.”

“Wellington and O’Leary have stepped up to the plate to show they are committed to getting more homes built on Prince Edward Island. Through the agreements we're announcing today, our government is unlocking new opportunities for social and economic growth in our communities.”

“The Municipality is very pleased to receive funds from the Housing Accelerator Fund program that will allow us the opportunity to expand housing in our community. This investment will encourage growth, provide housing for new residents, support our local businesses, organizations and schools. It is good news for all of us.”

“Creating safe, affordable housing helps contribute to the vibrancy and growth of our Town. We are pleased to access this opportunity through the Housing Accelerator Fund to support our progress towards development of new homes for our residents. The National Housing Strategy is an important linkage to resolving the housing challenges both in our region and in Canada.”

Quick facts:

• Today’s announcement was made by Bobby Morrissey, Member of Parliament for Egmont, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, Irene MacCaull, Mayor of Wellington and Darren MacKinnon, Deputy Mayor of O’Leary.
• Launched in March 2023, the Housing Accelerator Fund (HAF) is a $4 billion initiative from the Government of Canada that will run until 2026 – 27.
• The Housing Accelerator Fund is part of Canada’s National Housing Strategy (NHS), 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.
• As of September 30, 2023, the Government of Canada has committed over $38.89 billion to support the creation of almost 152,000 units and the repair of over 241,000 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