By Canadian Press

Ottawa to offer universities, colleges low-cost loans to build new student housing

Jan 29, 2024 | 10:49 AM

OTTAWA — Housing Minister Sean Fraser says post-secondary institutions will be able to apply for low-interest loans to build student housing starting this fall.

Post-secondary institutions will have access to a pre-existing program that offers developers low-cost financing to build rental apartments. 

The Apartment Construction Loan Program was topped up with an additional $15 billion this fall, bringing the total funding available to $40 billion. 

Fraser is making the announcement today alongside other cabinet ministers as the House of Commons returns after a winter break. 

The announcement comes as the federal government grapples with a ballooning international student program that has added strain to local housing markets.

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Last week, the federal government announced a two-year cap on international student enrolments that would reduce the number of new permits approved this year by 35 per cent. 

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

The Canadian Press