Highlights: Low-interest loans for student housing in Ottawa, Canada
- Higher secondary institutions and builders can provide low-cost housing loans to students in Ottawa.
- The move aims to widen the access to student housing on and off campus in Ottawa.
- The Canadian Housing Minister announced the reformation of $40 billion Apartment Construction Loan Programs.
- The change is intended to provide affordable places for students near their educational institutions.
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Low-cost housing loans for students in Ottawa
The Canadian Government recently announced that it will offer low-interest housing loans to builders and postsecondary educational institutions. The change is aimed at helping students have more access to on—and off-campus housing in the country.
In a recent announcement by Sean Fraser, the Housing Minister of Canada, they declared that the $40 billion Apartment Construction Loan Program will be reformed. The new change allows higher secondary institutions, private developers, and non-commercial builders to access funds to expand student housing.
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Reasons behind the new policy change
The new changes announced aim to provide housing for students enrolled in Canadian universities and other educational institutions. According to recent reports, certain students have to commute for more than an hour to reach their educational institutions located in large urban centres, and the recent changes aim to address these concerns in Canada.
The new policy aims to bring about the following changes:
- To create more pocket-friendly housing options for students near their schools or colleges.
- To reduce the burden on the Canadian housing market by freeing up existing housing supplies that are looking for students.
- To bring down the housing costs for all students enrolled in colleges and universities across the country.
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Recent plans under the revised Apartment Construction Loan Program
The Canadian Government plans to open the application process in the fall of 2024. Agreements with institutes and universities are expected by the end of the year. The Government is willing to build around 101,000 new homes for rent across Canada by 2032.
Recently, a new two-year cap was introduced for foreign student visas to address the housing and healthcare concerns of international students. Organizations dealing with Canada's postsecondary sector welcomed the announcement while concerns were expressed regarding the pace and ability of institutions to pay.
The Government is also planning to build 12,000 spaces annually for universities, which are currently operating with around 72,000 student spaces. The president of the Council of Ontario Universities states that this will require all levels of Government to work together, along with the loans provided by Ottawa.
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