Saint John to receive additional funding to accelerate housing

SAINT JOHN, NB, March 21, 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 announced that as a top-performing HAF recipient, the City of Saint John will receive an additional $918,000 to help fast track a further 34 housing units over the next two years. To be considered a top performer, communities met their unit forecasts and delivered on their HAF Action Plan commitments for the first year, and proposed additional initiatives to accelerate housing, making them eligible to receive up to 10% of the value of their original agreement in additional funding.

With this additional funding, Saint John will develop an incentive program to support higher density development in the uptown and surrounding areas.

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 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:

"Today's announcement will help fast track an additional 34 permitted units in the next two years. By working with cities, mayors and all levels of government we are helping to get more homes built for Canadians at prices they can afford." – Wayne Long, Member of Parliament for Saint John-Rothesay

"Our government is committed to removing barriers and cutting red tape to enable housing development, and this additional funding will help leading communities do just that." - The Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities

"This funding allows us to complete our ninth housing initiative, this one focused on large scale development. Our vacancy rate is less than two percent and we're looking to increase our population by two percent annually. This funding will help Saint John grow and create liveable neighborhoods where our citizens feel they belong." – Mayor Donna Reardon, City of Saint John

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 2027-2028. 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 and Infrastructure Project Map shows affordable housing projects that have been developed.
  • As of December 2024, the federal government has committed $60.09 billion to support the creation of over 156,000 units and the repair of over 298,000 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
• National Housing Strategy

SOURCE Canada Mortgage and Housing Corporation (CMHC)