Prime Minister Justin Trudeau unveiled a new housing fund totaling $1.5 billion on Thursday in Winnipeg, aimed at assisting non-profit organizations in acquiring more rental units throughout Canada while ensuring their affordability remains intact. The “Canada Rental Protection Fund”, set to be included in the upcoming April 16 federal budget, marks a strategic move by Trudeau’s Liberals to appeal to younger voters in the long term. The fund will allocate $1 billion in loans and $470 million in contributions to non-profits and other partners to facilitate the acquisition of affordable rental units. With a total of $25 billion allocated for new spending and loans, Trudeau assured that there are no plans to increase taxes on the middle class to finance these budget commitments.
NDP MP and housing critic Jenny Kwan acknowledged the significance of the pre-budget pledge, describing it as “long-overdue.” However, she emphasized that it falls short of addressing the urgent need to halt the loss of existing affordable rental units. Kwan highlighted the alarming trend of affordable housing being lost at a rate 11 times faster than it’s being constructed, primarily due to unchecked rent increases across Canada.