Helping build more homes, faster in Faro

To make progress towards solving the housing crisis we need to build more homes at prices that Canadians can afford, faster. To do this we need to end restrictive zoning and speed up permitting, and add greater density, especially near transit and post-secondary institutions. The Housing Accelerator Fund (HAF) will cut this red tape and fast-track at least 112,000 new homes by 2028, which cities and regions estimate will lead to the creation of over 750,000 new homes for people in towns, cities, and Indigenous communities across Canada over the next decade.

Today, the Government of Canada and the Town of Faro announced that they reached an agreement to accelerate the construction of 14 homes over the next three years. This work will help spur the construction of 90 homes over the next decade. This agreement under the second round of the HAF will provide $684,000 to eliminate barriers to building the housing we need, faster.

HAF requires action plans from local governments, unlocking funding to ensure the timely implementation of housing initiatives, with subsequent payments 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 Town of Faro’s Action Plan commits to five local initiatives such as developing municipal service standards to streamline housing development, revising zoning bylaws to increase opportunities for mixed-use, missing-middle and manufactured home developments, develop a grant program to Incentivize the development of missing middle housing, develop a grant program to incentivize the conversion of 10 non-residential units to residential, and convert municipally owned lands to lands for housing.

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:

“Our government is committed to removing barriers and cutting red tape to enable housing development, and these partnerships with Yukon communities will do just that.”

“By helping to build more homes for people in Faro, faster, the federal government is taking decisive action to address the housing crisis right here in the Yukon. In collaboration with the Town of Faro, we are dedicated to ensuring families have access to safe and affordable housing.”

“The Housing Accelerator Fund will provide much-needed housing investment in Faro, and we are excited about the progress we will make over the next three years. Our small community has faced big housing challenges, with many that are unique to our remote location and mining history. We appreciate the support from our federal partners in tackling these important housing issues.”

Quick facts:

• Launched in March 2023, the Housing Accelerator Fund is a $4.4 billion initiative from the Government of Canada that will run until 2027 – 28. The first round of funding totalled $4 billion, and Budget 2024 added an additional $400 million to this program.
• The Housing Accelerator Fund is part of Canada’s National Housing Strategy and Canada’s Housing Plan, the most ambitious federal housing plan in over 40 years. Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed.
  • As of December 2024, the federal government has committed $60.09 billion to support the creation of over 156,000 units and the repair of over 298,000 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.
• In Budget 2024, the federal government committed an additional $400 million to incentivize more local governments to fast-track home construction, resulting in an additional 12,000 new homes permitted over the next four years.

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:

Sofia Ouslis
Ministry of Housing, Infrastructure and Communities
sofia.ouslis@infc.gc.ca

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