Trudeau Pledges $15 Billion More for Apartment Construction Loan Program

The federal government is allocating another $15 billion in the upcoming budget for its apartment construction loan program. Prime Minister Trudeau made the announcement in Toronto on April 3, saying that the government would be allocating $15 billion as a top-up for the existing Apartment Construction Loan Program with the goal of building a minimum of 30,000 new apartments within the next 10 years. “Today’s announcement will cut red tape, speed up development, and build more homes, so that Canadians—from teachers, to nurses, to construction workers—can afford to stay in the communities where they work,” Mr. Trudeau said. He also said the government would be reforming the Apartment Construction Loan Program in an effort to make it easier for companies to construct new homes, including extending the terms of loans, extending financing for the development of homes for students and seniors, as well as being more flexible on requirements for factors like energy efficiency....