Toronto will be given nearly half a billion dollars over the next four years to speed up new housing development, with a formal announcement to take place on Thursday, two sources with knowledge of the deal say.
The money — $471 million, beginning with an immediate payout of $117.75 million with further annual payments made based on the city’s progress toward housing goals, according to one source — comes out of the feds’ four-billion Housing Accelerator Fund pool, announced in March and to be divided between local governments and Indigenous communities who can satisfy national officials about their progress on housing and density.
Everything the Liberals are trying to sell is a lie. Until the Mass Immigration spigot is turned off Canada will never have enough homes.
Canada’s Immigration Plan Is Not Viable In Any Version of Reality: BMO
Canada printed yet another massive, immigration-driven quarter of population growth. What housing crisis, the country just needs to build homes faster, right? BMO Capital Markets crunched the numbers to show just how comically distorted and unviable growth has become. It’s starting to become clear the plan isn’t to diversify the country, but stimulate home prices and validate a real estate bubble.
… Kavcic puts the current plan into perspective to show the type of scale required. “For additional context, at 2.5 people per household, we’d need more than 170k new units every three months at this rate of population growth, even before accounting for domestic household formation,” he explains.
The industry is currently pushed to the max trying to churn out 220k homes per year. That’s a significantly higher number than previous years, but still roughly a quarter of the amount that would be needed to accommodate the supply-side plan.
h/t Mauser
