Helping build more homes, faster in Torbay

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 Torbay announced that they reached an agreement to accelerate the construction of 63 homes over the next three years. This work will help spur the construction of 750 homes over the next decade. This agreement under the second round of the HAF, will provide over $2 million 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 Torbay’s Action Plan commits to five local initiatives such as reviewing their municipal plans and development regulations to incent or permit new and additional forms of housing such as missing middle. Torbay will also remove barriers to development by implementing an e-permitting system, increase building capacity by streamlining processes and explore alternative housing methods by diversifying residential zoning approaches. In addition, the Town of Torbay will provide incentives for housing diversity and densification through missing middle developments.

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 Newfoundland and Labrador communities will do just that.”

“Today’s announcement is about building more homes faster for people in Torbay. By working with the Town of Torbay, we are making sure families have a safe, affordable place to call home.”

“The Town of Torbay is very excited to receive these 2.1 million dollars in Housing Accelerator Funding through CMHC. I would like to thank our staff along with help from MNL Housing Capacity-Building Officer Ben Noseworthy and advocacy from our MP Joanne Thompson for making this funding a reality. Torbay like many other communities is facing housing challenges and this funding will allow us to remove barriers and support new diversified and sustainable housing. We look forward to working with developers and the community to identify development opportunities to build the types of housing that is needed in the Town of Torbay. The next few months will be very busy and exciting as we develop our strategy, identify projects, remove barriers and get shovels in the ground. This funding has a defined timeline of three years, our staff and council are confident we can use this funding to make a positive impact on the lives of residents in the Town of Torbay.”

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 Funding Initiatives Map shows affordable housing projects that have been developed.
  • As of September 2024, the federal government has committed $57.57 billion to support the creation of over 156,000 units and the repair of over 297,000 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.

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:

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