Publish-secondary establishments will have the ability to apply for low-interest loans to construct scholar housing beginning this fall, Housing Minister Sean Fraser says.

The federal authorities is tweaking an present program to make universities, schools, non-profits and personal builders eligible for low-cost financing to construct residences on and off campus.

“Canada wants extra scholar housing and we’re going to assist construct it,” Fraser mentioned at a information convention Monday.

The Condominium Development Mortgage Program was topped up with a further $15 billion within the fall, bringing the whole funding obtainable to $40 billion.

Monday’s announcement didn’t add extra money to the funding pool obtainable.

Fraser made the announcement alongside different cupboard ministers because the Home of Commons returns after a winter break.

The announcement comes because the federal authorities grapples with a ballooning worldwide scholar program that has added pressure to native housing markets.

Greater than 900,000 overseas college students had visas to review in Canada final 12 months and greater than half of them had newly issued permits. That’s greater than 3 times the quantity 10 years in the past.

Final week, the federal authorities introduced a two-year cap on worldwide scholar enrolments that would cut back the variety of new permits authorised this 12 months by 35 per cent.

In an interview with The Canadian Press, Financial institution of Canada governor Tiff Macklem mentioned the brand new cap ought to assist ease strain on rental prices.

Knowledge from Leases.ca and market analysis agency Urbanation confirmed the common asking lease for December in Canada jumped 8.6 per cent year-over-year to a report excessive of $2,178 per 30 days.

This report by The Canadian Press was first revealed Jan. 29, 2024.


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