Late last week, the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, announced two new measures aimed at increasing housing supply across Canada. 

Canada Housing Infrastructure Fund (CHIF)

Applications for the Canada Housing Infrastructure Fund direct delivery stream are now being accepted online for municipalities and Indigenous communities. Budgeted at $1 billion, this stream directly supports communities building critical infrastructure to enable new housing development. Applicants are required to demonstrate how their proposals will support the building of more homes. The funding is expected to be distributed directly to communities by the end of this year. For the $5 billion Provincial and Territorial Agreement Stream, agreements must be reached between the federal government and each province by January 1, 2025, and with each territory by April 1, 2025.

Regional Homebuilding Innovation Initiative (RHII)

The Regional Homebuilding Innovation Initiative (RHII) is also accepting applications, which will allocate $50 million over two years to support local innovative housing construction across the country. The initiative aims to advance homebuilding solutions, with an emphasis on projects like modular housing and panelized construction. 

The Canadian Real Estate Association (CREA) supports efforts to accelerate the creation of housing supply by supporting the creation of critical infrastructure and encouraging innovative home building practices. 

When the Housing Accelerator Fund (HAF) applications opened in 2023, many boards and associations chose to engage with their local governments to take advantage of the funds to support housing supply in their communities. The CHIF and the Regional Homebuilding Innovation Initiative may represent additional opportunities to engage with local governments and relevant stakeholders. 

Stress Test Removed on Uninsured Mortgage Renewals

On Thursday, November 21, the Office of the Superintendent of Financial Institutions (OFSI) announced it has eliminated the mortgage stress test for uninsured renewals, enabling borrowers to switch lenders while maintaining their loan amount and amortization period. Insured borrowers are already exempt.