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Last week, the Canadian federal government announced the $1.5 billion Co-operative Development Program. This is the first major federal investment in co-op housing in over 30 years.

Our CEO, Thom Armstrong, discussed the significance of this historic funding in recent media appearances, highlighting its impact on co-op housing in B.C.

This Co-operative Housing Development Program is the first significant federal investment in co-op housing in over 30 years. CHF BC is delighted to see the program—promised in the 2022 federal budget—finally come to fruition.

It includes $500 million in contributions and $1 billion in loans to build housing co-ops across Canada. We are particularly excited that Indigenous-led housing co-ops will be eligible for program funding.

Today, Finance Minister Chrystia Freeland tabled the 2024 federal budget, which largely focuses on the housing needs of renters and younger generations.

Many of the housing commitments outlined in the budget were announced as part of the federal government’s new housing plan, unveiled last week.

The Co-operative Housing Federation of Canada strongly supports the government’s sharp focus on housing.

B.C.’s housing sector celebrates the $1.5-billion Canada Rental Protection Fund, 🎉

The fund builds on the successful B.C. model, extending housing stability and affordability nationwide.

Speak up for more co-op housing!

Use CHF Canada’s helpful tool to send an email to the Minister of Housing and you local MP urging them to launch the co-operative housing development program without delay.

On February 20, 2024, Canadian Prime Minister Justin Trudeau announced the federal government will be adding another $2 billion in financing to BC Builds

The announcement also included BC Builds’ fourth site with 112 new co-operative homes for middle-income households in Vancouver.

In a CBC News story by Jon Hernandez, Thom Armstrong, the CEO of CHF BC called the measures "well-intended," but he raised alarm over the lack of a timeline, with dollars only starting to roll out in 2025.

He notes that "We’re in a housing crisis and is baffled as to why an economic recovery would have to wait until 2025-2026 to address what’s a burning crisis right now."

CMHC recently announced the  Canada Greener Affordable Housing program (CGAH). The program focuses on supporting deep energy retrofits for existing multi-unit residential buildings. The goal is to see buildings achieve near net zero emissions.

As with all CMHC programs, there are multiple eligibility criteria, but the most critical are the very ambitious targets for energy consumption reductions and emissions.

Housing Central and CHF Canada recently submitted recommendations on the financialization of housing to the House of Commons Standing Committee on Human Resources, Skills and Social Development and the Status of Persons with Disabilities (HUMA). 

The financialization of housing is the process where housing is increasingly treated as an investment rather than someone’s home.

We appreciate the focus on improving social supports for low-income Canadians, but are disappointed to see a lack of new investments in affordable housing. Indeed, no number of social supports will do more for low- and middle- income Canadians than ensuring that everybody has access to a safe, secure, affordable place to call home.

Alas, despite communities across the country experiencing explosion in housing need, Budget 2023 does little to address Canada’s worsening housing crisis. Instead, it puts existing affordable housing at risk.

Our partners at CHF Canada have been hard at work advocating for investments to grow and support housing co-ops. Last week, they released recommendations for the upcoming 2023 Federal Budget.

The Government of Canada has a one-time top-up rent support of $500 for low-income families and individuals.