Prime Minister Justin Trudeau made the announcement in Toronto this morning, saying the city will receive $471 million from the federal Housing Accelerator Fund.

The $4−billion fund is a federal initiative to encourage municipalities to make changes to bylaws and regulations that would spur more housing construction, in exchange for more money.

Some of the changes Ottawa has pushed for include denser zoning and faster issuance of permits.

Housing Minister Sean Fraser, Toronto Mayor Olivia Chow and others were alongside Trudeau for the funding announcement.

Including the announcement today, Ottawa has reached deals with 16 municipalities across the country.

This report by The Canadian Press was first published Dec. 21, 2023.

The Canadian Press