The upcoming federal budget is set to allocate over $600 million toward innovative initiatives in homebuilding aimed at expanding the production of modular and prefabricated homes across Canada.
Prime Minister Justin Trudeau announced this funding package in Calgary on Friday, highlighting its goal to revolutionize home construction methods in the country. The aim is to streamline and reduce costs associated with building homes, addressing the current housing shortage.
In a significant move, the Liberals are allocating funds to modernize the housing design catalogue, drawing inspiration from the wartime effort that saw the construction of "victory homes" or "strawberry box homes" nationwide.
Trudeau emphasized the need to accelerate home construction to levels comparable to those seen post-World War II, emphasizing the adoption of innovative technologies.
The allocated funds will be distributed as follows:
$500 million will bolster the Apartment Construction Loan Program, specifically supporting rental housing projects employing innovative construction techniques from modular and prefabricated housing manufacturers.
$50 million will seed a new "Homebuilding Technology and Innovation Fund," which will also leverage private sector investment to scale up and commercialize housing technologies and materials, including those used in prefabricated homes.
Another $50 million will be directed towards regional initiatives focused on modernizing building practices through modular housing, mass timber construction, robotics, 3D printing, and automation.
Additionally, $11.6 million will be invested to standardize up to 50 efficient and cost-effective home blueprints, catering to various housing types such as row housing, modular homes, and fourplexes.
These initiatives are just the beginning, with plans to engage various sectors including housing, construction, and building materials, along with labor unions and experts, to formulate a comprehensive Canadian industrial policy for homebuilding.
The technology fund will be overseen by Next Generation Manufacturing Canada, an innovation cluster.
Housing Minister Sean Fraser emphasized that these measures aim to prevent bottlenecks in Canada's construction workforce capacity as federal policies to stimulate homebuilding translate into action.
Regarding concerns about existing homeowners facing mortgage renewals, Trudeau hinted at forthcoming announcements, suggesting more details would be revealed closer to the budget date on April 16.
In response to criticism from Conservative MP Scott Aitchison, Trudeau defended the initiatives, highlighting their intention to address the soaring housing costs and emphasizing that multiple solutions are required to tackle the housing crisis.
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