Helping build more homes, faster in Richmond

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 Richmond announced that they reached an agreement to fast track more than 1,000 housing units over the next three years. This work will help spur the construction of over 3,100 homes over the next decade.

The agreement under the Housing Accelerator Fund (HAF), will provide $35.9 million to eliminate barriers to building the housing we need, faster. Richmond’s Action Plan commits to eight local initiatives that enable a variety of housing forms and densities to meet the diverse needs of the community. The City has a strong focus on creating affordable and housing below market prices through a variety of programs and partnerships with the non-profit sector. They will also fast track development applications and provide grants to support building new rental homes, cooperative housing, co-housing communities, and creating an affordable home ownership program. Additionally, the funding will support a number of zoning reforms, local area plans and optimizing the permitting process with the use of technology and software.

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 450,000 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 1,000 homes in the next three years and over 3,100 over the next decade. By working with cities, mayors, and all levels of government, we are helping to get more homes built for Canadians at prices they can afford.”

“By building more affordable homes more quickly, our government is unlocking new opportunities for growth in Richmond. Working together, we can equip our communities with new tools to support them to reach their potential and turn possibilities into realities.”

“As a lifelong Richmond resident, generational housing affordability is very important to me. Our government is proud to be working with the City of Richmond to ensure we are doing our part to fulfill the housing needs in our city and across Canada. This funding of $35.9 million for housing in Richmond will accelerate the development of safe and affordable housing to meet the needs of our rapidly growing city where we need it most.”

“The federal funding announced today represents a partnership over the next three years to add over a thousand units to our new home inventory, meeting the needs of Richmond residents with a focus on affordability. The funding will help the City implement eight specific initiatives to fast-track the creation of new housing units which will span the range of affordable home ownership — from market rentals, to non-market and low-end market rentals, to those needing supportive housing. Through Council’s steadfast commitment to existing and evolving strategies, policies and actions, our goal continues — to facilitate residential communities that are affordable and desirable to live in, with the amenities that fit peoples’ needs for sustainable and healthy living.”

Quick facts:

• Today’s announcement was made by:
  • Wilson Miao, Member of Parliament for Richmond, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities,
  • Parm Bains, Member of Parliament for Steveston – Richmond East, and
  • Malcolm Brodie, Mayor for the City of Richmond.
• The City of Richmond’s Action Plan will allow for expedited approvals for rental and affordable homes, pre-zoning for gentle density, rental tenure zoning and density pilot programs, parking requirement reductions, and permitting optimization and modernization.
• While similar to cooperative housing, cohousing communities consist of privately owned homes in addition to extensive common areas.
• 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.

Associated links:

• 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