After a few years of enhanced spending, it appears that the federal government’s plan to help develop more affordable housing in Canada is falling short of its goals.
A report from Canada’s budget officer Yves Giroux shows that while the Canadian government has increased spending to $3.7 billion per year in development spending, the typically high cost of living space right now and a few other issues are erasing the gains made.
One other big issue the budget office worries about is that 183,019provincial community housing agreements are set to expire soon with not enough new low-income housing coming in to replace them.
All that said, spending is still up, and the government is still working to create more affordable housing in the years to come. A chart embedded in the report shows that the feds are planning to fund millions more Canada Community Housing projects to offset the loss of the provincial community housing agreements that are set to expire.
Overall, spending has been high while progress has been slightly lower than expected on community housing in Canada. Still, hopefully, over the next few years, things will start to even out. You can check out the full report here for all of the info.