Renfrew-Nipissing-Pembroke MPP John Yakabuski says a newly created Infrastructure Bank will support population growth in Ontario and, over the long term, lead to more housing.
The new Bank was highlighted in Ontario’s economic statement, released last week by the Doug Ford government.
The province is asking big institutions, like pension plans groups, to invest in the bank, which Ontario is describing as an “arms-length board-governed agency.”
Ontario plans to put an initial $3 billion in the bank. The bank can then be used to fund infrastructure projects, like long-term care homes and affordable housing projects.
“The building of homes has to be a priority,” Yakabuski says. “And, in order to support homes, you have to have infrastructure. It’s hugely important if we’re going to support population growth, here in Ontario.”
Yakabuski says the province wants to create a pool of funds that municipalities can access to build important projects. He says “housing is not something that’s going to be solved unilaterally by one level of government.”
Ontario already has plans to build 1.5 million new homes in the coming years, to support population growth and lower housing prices. A housing crunch is being felt in Eastern Ontario, where about 16,000 people are on a wait list for affordable housing.