Feds give Kelowna $31.5M from national housing fund

$31.5M for new housing

Madison Reeve

UPDATE:12:50 p.m.

Kelowna Mayor Tom Dyas says the 950 housing units to be built in Kelowna over the next three years will include building affordable and attainable housing.

“If it happens to be in the rental realm, that would be perfect, and if it happens to be in the area for purchase, that would be welcome also. We need both,” Dyas said.

Dyas says the $31.5 million will be used completely for infrastructure.

“Is it looking to help purchase land so that we can get the properties built? Is it looking at land that we have and assisting with the cost of building the structures? Is it looking at the water, the sewer, the streets that need to be developed in the infrastructure so that you can advance communities within that neighbourhood? There is a spectrum of opportunities and availability there.”

Dyas says planning has already started.

"I know that there are a number of, let's say, shovel-ready projects and land that we currently have available, and discussions that we are having with partners. This advancement of capital will only advance those discussions that much quicker," he added.

Madison Reeve

UPDATE 9:40 a.m.

A total of 950 housing units will be built in Kelowna, over the next three years after the federal government announced the city will receive $31.5 million under a national housing accelerator fund.

The announcement took place Wednesday morning along Birch Avenue in Kelowna.

The government says the work will help create a potential for up to 20,000 additional homes over the next decade.

Minister of Housing Sean Fraser made the announcement alongside Kelowna Mayor Tom Dyas.

Launched in March 2023, the Housing Accelerator Fund (HAF) is a $4 billion initiative from the Government of Canada that will run until 2026-27. The HAF is part of Canada’s National Housing Strategy (NHS), an $82+ billion plan.

Federal HAF funding is subject to conditions outlined in the agreement, including Kelowna city council’s approval of pre-zoning measures.

“Everyone deserves a place to call home, that’s why increasing diverse, attainable, and affordable housing options is one of council’s top priorities," said Kelowna mayor Tom Dyas.

"We are grateful for the Government of Canada’s significant investment that will further advance Kelowna’s innovation and commitment to accelerate housing for our rapidly growing community. The Housing Accelerator Fund is key to propelling us forward to meet the needs of today and into the future."

UPDATE 8:57 a.m.

Federal Housing Minister Sean Fraser has announced a 31.5 M contribution to housing in Kelowna as part of the federal Housing Accelerator program investment.

The money is earmarked to be spent over the next three years and will be used to build 950 new homes.

More coming...

ORIGINAL 4:00 a.m.

The federal government will be making a housing announcement in Kelowna Wednesday morning.

Minister of Housing Sean Fraser will be joined by Kelowna Mayor Tom Dyas for the announcement which will be taking place at 8:30 a.m. along Birch Avenue.

Castanet will cover the press conference live.

At this time it's unknown what the announcement will entail.

More Kelowna News