The Trudeau government will increase the annual limit on Canada Mortgage Bonds from $40 billion to $60 billion, which would allow for the construction of 30,000 more rental homes per year across the country.
The Canada Mortgage Bond program is administered by the Canada Mortgage and Housing Corporation (CMHC) and aims to provide mortgage loan insurance and securitization for construction projects.
“This measure has no fiscal impact for the government,” Finance Minister Chrystia Freeland assured at a press conference on Tuesday around 1 p.m.
The main effect of this measure will be the beneficial construction of apartment buildings, student residences and even senior residences.
More details to follow.