Vaughan welcomes $59M investment in housing from federal government

Yorkregion.com
Oct. 10, 2023
Brian Capitao

City of Vaughan joins City of London as recipients of federal money through Housing Accelerator Fund

The federal government has reached an agreement with the City of Vaughan to fast-track over 1,700 new housing units and incentivize thousands of additional homes over the next three years.

The agreement under the Housing Accelerator Fund will provide over $59 million to the City of Vaughan and will spur the construction of more than 40,000 homes over the next decade, according to a media release put out by the Prime Minister’s Office.

The agreement allows for more density near public transit, including GO train and subway stations, prioritizing building apartments and affordable housing and fixing outdated permitting systems to speed up development. Vaughan will also be amending a zoning bylaw to allow for the construction of up to four residential units on one lot.

“The status quo on home building in this country just isn’t working. We need more apartments, affordable housing, homes within walking distance of public transit -- and we need to do it faster. That’s what (the) announcement in Vaughan is all about,” said Prime Minister Justin Trudeau.

The Housing Accelerator Fund was first announced during the 2021 election campaign and introduced in the 2022 federal budget.

The fund’s objective is to build 100,000 new homes across the country.

Last month, the prime minister announced the first agreement of its kind between the federal government and the City of London.

Now, the City of Vaughan wants to also get in on the action.

“I have repeatedly said Vaughan is committed to guaranteeing more housing options for our residents, but we cannot do it alone. I am committed to working with partners at all levels of government to secure investment for the services necessary to build homes and complete communities -- and this unprecedented Housing Accelerator Fund investment of $59 million is proof of that unwavering commitment,” said Vaughan Mayor Steven Del Duca.