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Feds to fast-track new homes on Vancouver Island

The Federal Government are hoping to have more homes, built quicker, on Vancouver Island.

On Friday, the federal government announced an agreement with three communities to fast-track over 900 homes over the next three years.

This will be done through $33.5 million provided by the housing accelerator fund.

The feds say through this fast-tracking, it will support the construction of more than 16,000 homes in those regions over the next decade.

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Minister of housing Sean Frasier says by working with the cities, towns and mayors, they aim to get more homes built for Canadians at an affordable price.

In the build-up to the announcement, the Conservative party says that rent continues to grow more and more expensive.

According to a February report, average asking rents for residential properties reached a high of $2,196 in January, a 10 percent increase.

Comox will get $5.2 million for its Action plan, which will be used to improve development application procedures, update the town’s subdivision, undertake an official community plan review for housing needs, and diversify housing options for residents.

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Town mayor Nicole Minions says this grant is one of the largest they have ever seen.

“It is going to take all levels of government steering in the same direction and working together with expediency and solution-based actions to see an increase in supply and affordability,” said Minions.

The government aims to fast-track the construction of 100,000 new homes for three years, with hopes of building 600,000 new homes across the country by the end of the next decade.

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