‘A great form of housing’: reactions to the $1.5B funding for new co-op housing in federal budget

Published April 13, 2022

As we reported in our media release on budget day, there was very good news in Budget 2022 for co-op housing with $1.5 billion dedicated to new development.

Reactions to this funding have been positive, from sector organizations, to unions, and even Finance Minister Freeland herself, who said on CBC’s Edmonton AM: “One of the measures that I’m personally really excited about is $1.5 billion to build new co-ops in Canada. That is the biggest investment in building new co-ops — a great form of housing — in 30 years.”

Here are some other noteworthy reactions to the co-op housing development funding:

•   “Certainly overdue, but extremely welcome news…Given the desperation that people are facing in today’s housing market, people need stability, a sense of control and greater affordability in a strong community, and housing co-operatives offer all of that and more.” Tim Ross, Executive Director, CHF Canada  (Ottawa Citizen)
•   “It is important to recognize this powerful model of housing as many people face the desperation and anxiety of today’s housing market: characterized by renoviction and ever changing rents.” Ayanna Innis, Executive Director, Northern Alberta Co-operative Housing Association (CBC News Edmonton)
•   “We are very pleased, but we are cautiously optimistic, too, that the program design will enable those homes to be built in every type of market, including Metro Vancouver and the rest of B.C.” Thom Armstrong, Executive Director, Co-operative Housing Federation of BC  (Storeys: Real Estate News)
•   “Tom Clement said the budget vow was ‘significant’ …he hopes to see a program that offers some long-term certainty, in order to ensure a steady pipeline of new co-op units…‘To look at this as a long-term investment, to me, is really key.’ Tom Clement, Executive Director, Co-operative Housing Federation of Toronto (Toronto Star)