Canada To Give Toronto Over C$471Mn To Help Fight Housing Crisis

• The Canadian federal government, led by Prime Minister Justin Trudeau, is allocating over C$471Mn to Toronto to address the housing crisis and enhance affordability.
• Trudeau, whose popularity has slumped in recent months amid complaints about housing affordability, said the money would allow Toronto to fast-track nearly 12,000 new housing units over the next three years, abating the pressing housing shortage in the city.
• The allocated money comes from a CAD $4Bn fund, encouraging cities to relax zoning rules. Toronto, in return, has committed to streamlining zoning approvals, expanding affordable rental programs, reducing red tape, and facilitating non-market housing.
• The federal government's housing initiatives are part of a broader national strategy to combat housing affordability challenges. The housing crisis in Toronto, exacerbated by factors like rising interest rates and population growth, has contributed to a decline in Prime Minister Trudeau's popularity, as indicated by polls suggesting a challenging electoral landscape for the ruling Liberal party.

(Source: Reuters)