Helping build more homes, faster in Port Coquitlam

PORT COQUITLAM, BC, Feb. 18, 2025 /CNW/ - To make progress towards solving the housing crisis we need to build more homes at prices that Canadians can afford, faster. To do this we need to end restrictive zoning and speed up permitting, and add greater density, especially near transit and post-secondary institutions. The Housing Accelerator Fund (HAF) will cut this red tape and fast-track at least 112,000 new homes by 2028, which cities and regions estimate will lead to the creation of over 750,000 new homes for people in towns, cities, and Indigenous communities across Canada over the next decade.

Today, the Government of Canada and the City of Port Coquitlam announced that they reached an agreement to accelerate the construction of 287 homes over the next three years. This work will help spur the construction of 956 homes over the next decade. This agreement under the second round of the HAF, will provide over $10.3 million to eliminate barriers to building the housing we need, faster.

HAF requires action plans from local governments, unlocking funding to ensure the timely implementation of housing initiatives, with subsequent payments upon delivering results. Local governments are encouraged to think big and be bold in their approaches, which could include accelerating project timelines, allowing increased housing density, and encouraging affordable housing units.

The City of Port Coquitlam's Action Plan commits to seven local initiatives including new affordable housing and infrastructure grant programs, the reduction of parking requirements, and expanded multifamily zoning. Opportunities to develop new affordable and rental housing on municipal lands will be enabled through a land inventory and a new framework for partnering on municipal land, as well as an expanded density bonus program. The action plan also includes measures to streamline development approvals, including technological improvements, delegation of development permit approvals, creating an in-house permit registration system, and implementing pre-reviewed housing designs.   

The Government of Canada is making life more affordable for Canadians — and housing is key to our work. We will continue to work with provincial, territorial, and municipal governments, as well as Indigenous partners, to keep building more homes for Canadians, faster.

Quotes:

"Our government is committed to removing barriers and cutting red tape to enable housing development, and these partnerships with British Columbia communities will do just that." – The Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities

"Building more homes for people in Port Coquitlam, faster. That's how your federal government is solving the housing crisis. Working with Port Coquitlam, we are going to make sure families have a safe, affordable place to live." –Ron McKinnon, Member of Parliament for Coquitlam—Port Coquitlam

"This funding will allow us to move forward with key housing initiatives and invest in essential infrastructure to support new development while strengthening the broader community. Our goal is to expand housing options, ensuring that current and future residents have access to a range of homes that meet their needs." – Brad West, Mayor of Port Coquitlam

Quick Facts:

• Launched in March 2023, the Housing Accelerator Fund is a $4.4 billion initiative from the Government of Canada that will run until 2027-28. The first round of funding totalled $4 billion, and Budget 2024 added an additional $400 million to this program.
• The Housing Accelerator Fund is part of Canada's National Housing Strategy and Canada's Housing Plan, the most ambitious federal housing plan in over 40 years. 
  Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.
  • As of September 2024, the federal government has committed $57.57 billion to support the creation of over 156,000 units and the repair of over 297,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
• In Budget 2024, the federal government committed an additional $400 million to incentivize more local governments to fast-track home construction, resulting in an additional 12,000 new homes permitted over the next four years.

Associated Links:

• Housing Accelerator Fund
• Housing Accelerator Fund – Building more homes, faster
• Building more homes, faster
• Making housing more affordable for Canadians
• National Housing Strategy

SOURCE Government of Canada