Canadian government pledges over $300M to create new housing in Montreal

The federal government announced that it will provide close to $364 million to help build 989 new housing units in Montreal.

Several parliament members, including Labour Minister Steven MacKinnon and Parliamentary Secretary to the President of the Treasury Board Anthony Housefather held a press conference in Montreal on Friday.

The Apartment Loan Construction Program (ACLP) funded $100 million to Olymbec to build 303 housing units at 5200 de la Savane Street in Montreal.

“By making housing construction easier, cheaper, and faster in Montreal, our government is ensuring that Quebec families have access to a safe, affordable home. Today’s announcement is another step toward ending Canada’s housing crisis once and for all,” said MacKinnon.

According to a press release, the rental building, Lynk, is designed to serve all community needs and is closely located to a metro station and several stores.

“Some of the units will be offered at below-market prices, ensuring to meet the needs of individuals and families seeking more accessible rental options,” reads the press release.

Since September 2024, the federal government has pledged $57.57 billion to create over 156,000 housing units and to repair 297,000 units. These new measures aim to prioritize seniors, Indigenous Peoples, people experiencing or at risk of homelessness, along with women and children fleeing violence.

“The Government of Canada is committed to work with communities to meet the challenge of building more housing in Montreal and across Quebec,” said Housefather. “Through the Apartment Construction Loan Program, our government is increasing the supply of new rental housing by investing $100 million in the construction of 303 units in the riding of Mont-Royal. This housing supply will benefit middle-class individuals and families and stimulate the local economy.”

The ACLP can provide $55 billion in funding. The program’s goal is to provide low-cost financing to support more than 131,000 new rental units across Canada by 2031-32.

The ACLP also provides fully repayable low-interest loans to encourage construction companies to build more rentals for middle-class Canadians and create a positive impact on the housing system at a minimal cost to taxpayers.

It is one the programs and initiatives created under the National Housing Strategy (NHS), a 10+ year, $115+ billion plan, designed to help address housing needs across the country.

“Everyone deserves a place to call their own, and the Apartment Construction Loan Program is one way we’re helping make that a reality for Canadians,” said federal Housing Minister Sean Fraser. “We will keep investing in housing projects like the ones announced today in Montreal, and working with partners across the country, to end the housing crisis.”