The City of Vancouver and the Canadian federal government have reached a housing deal through the Housing Accelerator Fund, aiming to construct over 40,000 homes in Vancouver within the next decade. The agreement, announced during a press conference with Prime Minister Justin Trudeau, outlines plans to fast-track approximately 3,200 homes over the next three years. Trudeau emphasized the federal government’s commitment to partnering with various levels of government to expedite home construction. Housing Minister Sean Fraser stated that nearly $115 million from the Housing Accelerator Fund would be allocated to reduce barriers to housing development.
The deal aims to promote high-density housing, expedite development processes, and increase housing proximity to transit. Vancouver plans to streamline rezoning, expand affordable rental programs, and implement initiatives to enhance housing construction. Mayor Ken Sim expressed enthusiasm for the announcement, characterizing it as a collective commitment to address the housing shortage. Sim highlighted the positive impact on neighborhood vibrancy and opportunities resulting from increased housing construction.
Sim acknowledged the rapid population growth expected in the Greater Vancouver region, estimating an influx of 500,000 people by 2050. To address this growth, he emphasized the need for swift and bold action. The federal government’s $115 million investment through the Housing Accelerator Fund was deemed generous and essential to accelerating home construction. However, the announcement faced criticism from the federal Conservatives, who pointed to recent data from the Canadian Mortgage and Housing Corporation revealing a more than 20% drop in housing starts across the country in November compared to the previous month.