The Federal Budget for 2024 was announced on April 16, 2024, and it included a number of key initiatives related to housing. We’ve prepared a short reference document to highlight the measures introduced. The federal government has announced a number of new initiatives in the preceding weeks, as well as several brand new measures which will impact housing supply over the next several years.
Overall, the budget is a big win on improved land use policy, which HART has been advocating for since our inception. Our Land Assessment Tool maps government-owned land that is well-suited for housing, and communities across the country reached out to get similar mapping done for them. A federally mapped and managed land bank will be an enormous boon for communities seeking to leverage existing land portfolios for affordable or community housing.
We note that for communities who will be applying for infrastructure and permanent transit funding that a housing needs assessment will be required. We’re looking forward to supporting even more communities to assess their need and meet these requirements with our HNA tool (watch this space for more updates!).
Finally, the previously announced Federal Rental Protection Fund is a welcome injection of federal dollars into preserving affordability across Canada, following BC’s Rental Protection Fund. Our Property Acquisitions Tool supports communities to best leverage this funding and proactively identify affordability at risk and to grow affordability in the future.
Find our one-page response to the budget here:
