Some Ontario Renters Will Soon Be Able To Save $2,500 In A New Government Initiative
The initiative will be available for low-income renters only.
There may be some good news for Ontarians who are struggling to pay their rent. The federal government has teamed up with the province to bring in a rent subsidy that will provide $2,500 annually to those who qualify. Ontario's Housing Benefit program is expected to help around 300,000 families afford rent throughout the province.
It will be a $1.4 billion joint investment between the provincial and federal governments, according to the news release.
This effort is part of the National Housing Strategy, which was introduced by the Liberals in 2017, according to CP24.
The government will be subsidizing rent to families who are eligible for social housing, or those who are on a social housing waiting list.
Persons experiencing or at risk of homelessness, Indigenous persons, seniors and people with disabilities will also be able to apply for the subsidy.
It may also apply to survivors of violence or human trafficking, according to CTV News.
Other provinces may follow suit with Ontario in the future, as the government has allocated a total of $5.75 billion to this endeavour nationally, according to the news release.
"Today's announcement is another great example of how governments are working together to help our residents," said Toronto Mayor John Tory in a statement.
"Making sure people have access to affordable housing is a top priority for me as Mayor and that requires the cooperation and support of other levels of government."
This subsidy was signed in a deal that spans the next nine years.
The average cost for a two-bedroom apartment in Toronto in 2018 was $1,829, according to the Toronto Star. A three-bedroom was $2,473 in that same year.
Those numbers have and will continue to do so until more affordable housing units are built in the city.
Canada's National Housing Strategy will be a 10 year, $55 billion dollar plan which aims to create 125,000 new housing units across the country, according to a news release.
They hope to lift 53,000 families out of housing need in those 10 years and reduce chronic homelessness by 50%.
This initiative will be operating in full swing by the spring of 2020.
This initiative is supposed to help up to 5,200 households in the first year.
This, along with the construction of moreunits, could help more Ontarians be able to rent throughout the province.