Mr. Speaker, I thank my colleague for his question and his speech. As I said earlier, we agree that Canada is experiencing a housing crisis.
That is why the Government of Canada has developed the most ambitious housing plan ever. We pledged to double the rate of home construction to nearly 500,000 homes per year. We are taking decisive action to cut red tape, stimulate private investment and lower the cost of homebuilding.
We are building on successes and making historic investments in new housing construction. Through the national housing strategy, we have reduced or eliminated housing needs for more than 660,000 households, and we will support the creation of more than 166,000 new homes. We also launched the housing design catalogue, which includes 50 standardized housing designs to help builders reduce construction costs and simplify the process.
We are taking concrete action. We know that increasing supply will lower the cost of housing. That is why we continue to incentivize municipalities to remove barriers to construction with programs like the housing accelerator fund. To date, we have signed agreements with more than 200 communities across the country that have committed to reducing red tape and simplifying the development process. In my riding of Trois-Rivières, dozens of units have been built in the past 18 months, giving real families real homes, so the plan is working.
We are also committed to taking action to protect the supply of rental housing. We have eliminated the GST on new rental construction. We have committed more than $23 billion in loans to support the construction of more than 59,000 homes through the apartment construction loan program. We are in the process of creating “build Canada homes”. This new agency will bring together the appropriate financing and public-private partnerships to leverage public land, remove financial barriers and increase our supply of truly affordable housing for low- and middle-income Canadians. We are taking action where it is needed most.
We will also help develop the modular and prefab housing industry and create new careers and well-paying jobs in the skilled trades. As I said earlier, we will build a resilient housing industry using Canadian innovation, Canadian labour and Canadian softwood lumber. It is unconscionable that anyone in Canada does not have access to safe, affordable and inclusive housing. That is why the federal government is committed to solving the housing crisis and showing leadership when it comes to housing.
Team Canada, our team, is fully committed. We are working with home builders, the private sector, all levels of government and indigenous leaders to use every tool and every resource at our disposal. We are focused on creating a housing market that works for everyone and building Canada strong. That is what we were elected to do, and that is what we are going to do.