As the demand for retail and office space has changed due to COVID-19, some landlords, particularly in major urban cores, are facing higher vacancies. This is an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the livability and affordability of urban communities.
We will also double our existing Budget 2021 commitment to $600 million to support the conversion of empty office and retail space into market-based housing. We’ll convert space in the federal portfolio, but commercial buildings as well. We will also work with municipalities to create a fast track system for permits to allow faster conversion of existing buildings, helping maintain the vibrancy of urban communities.