Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
The Canada Public Transit Fund will require transit-oriented development in exchange for funding, and the federal government says its the largest public transit investment in Canadian history,On Wednesday, Prime Minister Justin Trudeau and the Government of Canada announced what it says is the largest public transit investment in Canadian history: the $30B Canada Public Transit Fund .
The second stream is baseline funding, which will deliver "predictable funding" to communities across the country with existing transit systems based on their population and ridership, in agreements of up to 10 years. "This will help communities of all sizes upgrade, replace, or modernize their transit infrastructure, including system expansion, lifecycle extension, performance upgrades, and investments in the state of good repair of their fleets.
The move by the Government of Canada is clearly an attempt to encourage transit-oriented development, although the phrase "transit-oriented development" is conspicuously absent from Wednesday's press release. "Public transit is an invaluable tool in making people's lives more affordable, tackling climate change, and better connecting communities," added Minister of Housing, Infrastructure, and Communities. "We are excited and proud to launch the Canada Public Transit Fund today, and with it, to bring a new approach to transit funding in this country.
As far as receiverships go, things have taken an atypical turn for the Ottawa Train Yards, which were involved in an appointment order in early June amid allegations of a $40M debt.The 67-storey tower was planned for 10227 King George Boulevard, which has become the subject of a new foreclosure, along with two other properties owned by AimForce Development Group.
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