Prime Minister Justin Trudeau’s government has identified 56 federal properties, equivalent to about 2,000 hockey rinks in size, that could be used to build hundreds of new affordable homes. This initiative aims to address the worsening housing shortage by utilizing available land more effectively.
The identified properties will be featured in the new Canada Public Land Bank, as announced in a government news release. Currently, five properties located in Toronto, Montreal, Calgary, Edmonton, and Ottawa are available for long-term leasing at discounted rates. Builders can submit their development plans, with the expectation that more properties will be added regularly.
Housing Minister Sean Fraser, who is spearheading Canada’s housing strategy, emphasized the critical need to increase the housing supply. “We need to build more homes in Canada, and one of the largest costs in building is land,” Fraser stated. The strategy aims to construct up to 3.9 million homes by 2031, surpassing the 3.5 million homes estimated by the Smart Prosperity Institute as necessary to meet demand.
The government believes that unlocking public lands could lead to the creation of up to 250,000 new residential units. To support this effort, a C$500 million ($370 million) acquisition fund has been established to purchase land owned by other levels of government.
Fraser’s announcement came as the Liberal government began a three-day cabinet retreat in Halifax. The Trudeau administration has been facing declining poll numbers, largely due to Canadians’ concerns about the rising cost of living, driven by high rents and housing prices.
