Rapid Housing Initiative Updates

Rounds 1 through 3 of the Rapid Housing Initiative provided capital contributions to support the creation of new permanent affordable housing units. The funding was designed to:

• cover the rapid construction of new rental housing units and the conversion/rehabilitation of existing buildings to affordable housing.
• quickly create new affordable housing units that serve priority populations as identified in the National Housing Strategy who are, or otherwise would be in severe housing need or experiencing, or at risk of homelessness.

Round 1 (October 27, 2020 – March 31, 2021)

The first round of the Rapid Housing Initiative was announced in October 2020. The $1 billion in available funding went towards projects that helped those in severe housing need, specifically:

• people at risk of, or experiencing homelessness
• people living in temporary shelters because of the COVID-19 pandemic

The first round of this initiative exceeded its initial target of creating up to 3,000 new affordable units and will support the construction of more than 4,700 units across Canada.

Round 2 (June 30, 2021 – March 31, 2022)

Budget 2021 provided an additional investment of $1.5 billion in new funding for the Rapid Housing Initiative in 2021 and 2022 to address the urgent housing needs of vulnerable Canadians.

The second round of the Rapid Housing Initiative  exceeded its initial target of creating 4,500 new affordable units and is expected to create over 5,400 new units across Canada.

Round 3 (December 12, 2022 – March 15, 2023)

The Government of Canada’s additional investment of $1.5 billion through Rapid Housing Initiative brought the program’s total to $4 billion to support the housing needs of the country’s most vulnerable.

The third round of the Rapid Housing Initiative once again exceeded its initial target of creating at least 4,500 new affordable housing units for Canadians in severe housing need. It is expected that over 5,200 new units will be built across Canada.

Rapid Housing Initiative 1, 2 and 3 results combined

The total number of units created with the support of Rapid Housing Initiative is expected to be over 15,500 units. The details are as follows:

Combined totals from the Rapid Housing Initiative, Round 1 (June 2021) data plus the Rapid Housing Initiative, Rounds 2 and 3 (January 2022 and July 2023).
Due to the nature of construction projects, variance in the number of units to be created is possible. The final results on the number of units delivered will be known when projects are completed.

You can find quarterly updates about the Rapid Housing Initiative on our Place to Call Home website.