The Canadian federal government has announced a significant $1.5 billion investment in co-op housing, marking its largest support for this sector in three decades. The new Co-operative Housing Development Program, featuring $500 million in contributions and $1 billion in loans, aims to bolster a new wave of co-op housing. Co-designed with the Co-operative Housing Federation of Canada (CHF Canada) and other sector leaders, the initiative targets the creation of thousands of new co-op homes by 2028. Priority will be given to those most in need, including Indigenous groups, women and children, and persons with disabilities.

Currently, CHF Canada supports 2,200 co-ops, housing about 250,000 people. This initiative aligns with the government’s ambitious plan to construct nearly 4 million new homes, ensuring affordable housing for future generations, particularly Millennials and Gen Z. This move is expected to significantly enhance affordable housing options in Canada, supporting diverse communities and promoting housing security.

Funding applications for co-op housing providers open on July 15, 2024, with the first round closing on September 15, 2024.