$1 Billion in New Affordable Housing Funding Announced for Canada

"Ottawa is promising $1-billion to help cities pay for affordable housing, although the federal government has not provided details about how the money will be allocated," reports Oliver Moore.

The $1 billion is expected to fund the creation of 3,000 affordable housing units in the country, which prompted Toronto mayor John Tory to call for even more support, in a soundbite quoted in the article. "Toronto officials have said the city alone needs to build 3,000 affordable homes over the next two years" to address its soaring housing costs, according to Moore.

"Still, the announcement was warmly received in Toronto, where political leaders have been pleading for federal assistance," adds Moore.