Prime Minister makes $22M funding announcement for housing in Waterloo, Ont.

The Prime Minister announced a $22 million investment Friday to facilitate the construction of new housing in Waterloo, Ont.

The announcement was made during a stop at the Parkwood Seniors Home.

Justin Trudeau said the money, provided through a Housing Accelerator Fund, will fast-track 650 new housing units over the next three years and 1,500 homes over a decade.

According to the Prime Minister, the goal is to remove barriers, build homes faster and increase density.

He also addressed affordability and those without a stable home.

“That approach of making sure we’re taking care of the most vulnerable and giving them opportunities, not just for places to stay, but for beautiful places to stay with full dignity is part of what we do,” Trudeau said. “We know there’s a lot more work to do and we’re doing it – working with municipalities, working on homelessness and supporting the most vulnerable.”

Stop at Kitchener startup incubator

Earlier in the day, the Prime Minister met up with with local entrepreneurs focused on social and environmental innovation.

Trudeau got a warm welcome from Mayor Berry Vrbanovic and members of the SDG Idea Factory.

Prime Minister Justin Trudeau visits the SDG Idea Factory in downtown Kitchener on Feb. 2, 2024. (Chris Thomson/CTV Kitchener)

Located in the downtown core, the startup incubator takes its name from United Nation’s 17 Sustainable Development Goals. The UN describes it as “an urgent call for action by all countries” to “recognize that ending poverty and other deprivations must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth – all while tackling climate change and working to preserve our oceans and forests.”

“Canada has a firm commitment to advancing climate action, creating inclusive communities, and building a better world for everyone,” Trudeau said in a media release. “That’s what Kitchener’s SDG Idea Factory is all about. Home to some of Canada’s brightest entrepreneurs and community organizations, the hub brings innovators together to tackle some of the world’s most pressing challenges.”

“Our city is committed to supporting the implementation of the SDGs in Canada and internationally,” added Vrbanovic. “That’s why the five goal areas of our new City of Kitchener strategic plan deeply align with making local progress towards the SDGs. The entrepreneurs that met with the Prime Minister today are having a real impact on making our community, our country and the world a better place for all.” 

The SDG Idea Factory opened in 2023.