Prime Minister Justin Trudeau revealed groundbreaking initiatives set to overhaul the construction landscape in Canada, aiming to make it easier, cheaper, and faster to build homes.

One of the key aspects of the plan was the $15 billion top-up to the Apartment Construction Loan Program, which will go towards building around 30,000 new apartments.

Like the BC Builds initiative in British Columbia, the federal government also introduced Canada Builds, an initiative undertaken by partnering with provinces and territories to build more rental housing across the country.

“With Budget 2024, we’re making it easier, cheaper, and faster to build more homes in Canada. Today’s announcement will cut red tape, speed up development, and build more homes, so that Canadians–from teachers, to nurses, to construction workers–can afford to stay in the communities where they work. It’s making the housing market fairer for every generation,” says Trudeau.