Canada supports co-ops in Vancouver and across Canada

Vancouver, British Columbia, April 19, 2022

Through Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, the government of Canada makes targeted and responsible investments to create good jobs, grow our economy, and build a Canada where nobody gets left behind.

Today, the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, and Parm Bains, Member of Parliament for Steveston—Richmond East, announced the repair of 85 homes for mixed-income individuals and families in Vancouver.

Built in 1992 and located at 2765 Cooperative Way, Kaslo Gardens Housing Co-operative is comprised of 9 townhouse clusters of between 7 and 13 units each. Repairs are now complete and include revitalized window and door openings, and new exteriors, which had begun to fail due to age and excessive moisture accumulation.

This investment by the Government of Canada was made possible by the National Housing Strategy’s (NHS) National Housing Co-investment Fund (NHCF).

To build on successes like these, the Government of Canada will expand co-operative housing in Canada by an estimated additional 6,000 units through Budget 2022, which proposes to reallocate $500 million of funding from the National Housing Co-Investment Fund to launch a new Co-operative Housing Development Program aimed at expanding co-op housing in Canada. This new program will be co-designed with the Co-operative Housing Federation of Canada and the co-operative housing sector.

Budget 2022 also proposes an additional $1 billion in loans to be reallocated from the Rental Construction Financing Initiative to support co-op housing projects.

Budget 2022 measures that will build more homes and make housing more affordable across the country include:

Putting Canada on the path to double housing construction over the next decade;
Helping Canadians buy their first home;
Protecting buyers and renters;
Curbing unfair practices that drive up the price of housing;
Continuing to fight homelessness and support housing affordability, particularly for the most vulnerable; and
Offering additional funding to address housing needs of Indigenous Peoples.

To help double rate of construction over the next 10 years, make our housing and building stock more environmentally friendly, and address homelessness, the federal government is proposing a range of measures that will:

Incentivize cities to build more homes and create denser, more sustainable neighbourhoods to increase housing supply;
Support those in need of affordable housing by building new affordable units faster;
Create a new generation of co-op housing through the largest investment in new co-op housing in more than 30 years;
Accelerate retrofits and build more net-zero homes in communities across Canada so that people can save on energy bills; and
Support those experiencing or at risk of homelessness by continuing to provide doubled annual funding for Reaching Home; building new affordable units for the most vulnerable; continuing work to end chronic homelessness; and introducing a new program to combat veteran homelessness.

Quotes:

“Budget 2022 is about growing our economy, creating good jobs, and building a Canada where nobody gets left behind. Our plan is responsible and considered, and it is going to mean more homes and good-paying jobs for Canadians; cleaner air and cleaner water for our children; and a stronger and more resilient economy for years to come.”
— The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

“Everyone deserves a safe and affordable place to call home. For generations, co-ops have offered quality, affordable housing to Canadians, and that is why we are making sure more co-ops are built across the country, and existing ones get the repair they need. With today’s announcement, our government is ensuring communities like Kaslo Gardens Co-op can continue to flourish for generations to come. These types of projects also help create new jobs and stimulate the economy. This is another way that the National Housing Strategy ensures that no one is left behind.”
— The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion

“This important funding through the National Housing Strategy has come at a crucial time for Kaslo Gardens Housing Co-operative—these beautiful renovations have extended the lifespan of 85 homes, helping this community continue to thrive for many years to come. Our government is proud to invest in maintaining the affordable housing stock in Vancouver, to give a boost to hard working middle class Canadians and help tackle the housing crisis.”
— Parm Bains, Member of Parliament for Steveston—Richmond East

“Kaslo Gardens is thrilled to hear that the federal government is committed to supporting the expansion of co-op housing across Canada, as well as the renewal of existing co-op units like ours. We know that co-ops are a safe and affordable option where diverse communities can thrive, and we see co-ops as a central part of any meaningful solution to the housing affordability crisis in Canada. We want many more people to have access to co-op housing like Kaslo Gardens and encourage this government to boldly lead in the preservation and expansion of co-ops.”
— Megan Humphrey, former Chair (2018-2021), Kaslo Gardens Housing Co-operative

Quick Facts:

Canada’s National Housing Strategy (NHS) is a 10-year, $72+ billion plan that will give more Canadians a place to call home.
With a budget of $13.2 billion, the NHCF gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous people, people with disabilities, those with mental health, or addiction issues, veterans and young adults.
Through the NHCF, the Government of Canada will work with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes.
Under the NHCF, investments are also planned to create or repair at least 4,000 shelter spaces for victims of family violence, as well as create at least 7,000 new affordable housing units for seniors and 2,400 new affordable housing units for people with developmental disabilities.
Budget 2022 proposes measures to fight homelessness and support housing affordability, particularly for the most vulnerable. This includes providing $1.5 billion to extend the Rapid Housing Initiative and create at least 6,000 additional affordable housing units across Canada.
Measures in Budget 2022 to make housing more affordable include:
- Putting Canada on the path to doubling the construction of new homes in the next decade;
- Helping Canadians buy their first home, including by introducing the Tax-Free First Home Savings Account and doubling the First-Time Home Buyers’ Tax Credit;
- Launching a new Housing Accelerator Fund that will target the creation of 100,000 net new housing units in the next five years;
- Developing a Home Buyers’ Bill of Rights and bringing forward a national plan to end blind bidding;
- Banning foreign buyers from owning non-recreational residential property for two years; and
- A Multigenerational Home Renovation Tax Credit that will provide up to $7,500 in support for constructing a secondary suite or apartment.
Measures in Budget 2022 to fight climate change include:
- More than $3 billion in funding to make zero-emission vehicles more affordable and build a national network of charging stations;
- Significant new investments to protect our land, lakes, and oceans; and
- The creation of the Canada Growth Fund to help attract tens of billions of dollars in private capital towards building a net-zero economy by 2050.
Further significant measures in Budget 2022 include:
- $5.3 billion over five years to provide dental care for Canadians with family incomes of less than $90,000 annually, starting with under 12 years-olds in 2022, expanding to under 18 years-olds, seniors, and persons living with a disability in 2023, and with full implementation by 2025. The program would be restricted to families with an income of less than $90,000 annually, with no co-pays for those under $70,000 annually in income;
- Up to $3.8 billion to implement Canada’s first Critical Minerals Strategy;
- $11 billion in additional funding to continue to support Indigenous children and their families, and help Indigenous communities continue to grow and shape their futures;
- More than $8 billion in new funding to better equip the Canadian Armed Forces, strengthen Canada’s contributions to our core alliances like NATO and NORAD, and reinforce Canada’s cyber security;
- Further support for Ukraine and its people in the face of Russia’s illegal invasion, including up to $1 billion in new loan resources to the Ukrainian government through a new Administered Account for Ukraine at the International Monetary Fund (IMF), and an additional $500 million in military aid;
- A temporary Canada Recovery Dividend, representing a one-time 15 per cent tax on the 2021 taxable income above $1 billion of Canada’s largest banking and life insurers’ groups, to help support Canada’s broader recovery; and
- A permanent 1.5 percentage point increase in the corporate income tax rate of banking and life insurance groups on taxable income above $100 million.