OTTAWA –
Submit-secondary establishments will have the ability to apply for low-interest loans to construct pupil housing from the autumn, says Housing Minister Sean Fraser.
The federal authorities is streamlining an current program to offer universities, faculties, nonprofits and personal builders entry to low-cost financing to construct on- and off-campus housing.
“Canada wants extra pupil housing and we’ll assist construct it,” Fraser stated at a information convention Monday.
The housing mortgage program was elevated by a further $15 billion within the fall, bringing whole funding to $40 billion.
Monday’s announcement didn’t add extra money to the obtainable funding pool.
Fraser made the announcement alongside different Cupboard ministers because the Home of Commons returns after a winter recess.
The announcement comes because the federal authorities grapples with a rising worldwide pupil program that’s placing further pressure on native housing markets.
Greater than 900,000 overseas college students had visas to review in Canada final yr and greater than half of them had newly issued permits. That is greater than thrice the quantity 10 years in the past.
Final week, the federal authorities introduced a two-year cap on worldwide pupil enrollment, which would scale back the variety of new permits accredited this yr by 35 p.c.
In an interview with The Canadian Press, Financial institution of Canada Governor Tiff Macklem stated the brand new cap ought to assist ease strain on rental prices.
Information from Leases.ca and market analysis agency Urbanation confirmed the common asking hire for December in Canada rose eight.6 per cent year-over-year to a document excessive of $2,178 per 30 days.
This report by The Canadian Press was first revealed Jan. 29, 2024.