TORONTO, August 6, 2021 / CNW / – Every Canadian deserves a safe and affordable place to call home. Thanks to the investments made by the government of Canada, Torontonians will now have access to more stable rental housing options.
Today, the Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC), alongside Rob oliphant, deputy of Don Valley West and Parliamentary Secretary to the Minister of Foreign Affairs, announced a low-cost loan totaling $ 178.95 million to help build a new residential rental project in Toronto.
The project is located at 100 Broadway Avenue and will include approximately 412 units of essential rental housing near schools, parks and TTC services for middle-income families and individuals. The project is being developed by The RW One Hundred Development Corporation, which is a joint venture between Reserve Properties and Westdale Construction.
The project will include two levels of underground parking containing a total of 116 spaces, as well as 150 residential lockers, 412 spaces for bicycles and amenities. The interior will feature a game room, theater, gym / fitness center, social lounge, collaborative workspace, private dining room, and kids’ club. With the exterior offering a dining area, several BBQ stations in the outdoor patio, a sitting area with fire pits, a yoga area and a children’s play area. In addition, through an agreement signed with the City of Toronto, an 8,000 square foot park will be created directly outside the building.
The project was funded by the government of from Canada Rental Construction Finance Initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in markets expensive housing.
“Every Canadian deserves a safe and affordable place to call home. This is why, thanks to this investment in Toronto and others like it, our government is taking action not only to increase the supply of new rental projects, but also to provide housing options that are closer to jobs, services and amenities than families and individuals in the region. middle class Toronto need. This is the National Housing Strategy at work. ” – The Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC)
“By funding this new rental housing project that creates more than 400 new rental units for families and individuals, our government is not only taking action to increase the supply of new rental developments here in Canada. Toronto and through Canada, but also by providing housing options closer to jobs, services and amenities for families and middle-class individuals. ” – Rob oliphant, deputy of Don Valley West and Parliamentary Secretary to the Minister of Foreign Affairs
“Developing a specially constructed rental property at 100 Broadway allows us to offer a range of housing options accessible to people of all walks of life. We would like to thank the government of Canada for their contribution to making this a reality for Torontonians. “ –Shane Fenton, COO, Reserve Properties
“We have seen tremendous positive changes over the past 20 years working in the Yonge and Eglinton neighborhoods. This change now includes a new affordable and purpose-built rental property at 100 Broadway. We look forward to inviting many families and individuals to enjoy what this growing region has to offer. – Mitchell cohen, COO, Westdale Properties
- Through the RCFi, the government of Canada encourages the construction of over 71,000 new rental units.
- A stable supply of rental housing is essential to ensure that more Canadians have access to housing that meets their needs and can afford. This is a great option for middle class Canadians who face affordability pressures in many markets with high house prices and a lack of rental housing supply.
- Launched in april 2017, RCFi has generated considerable interest in the industry, which has led to an expansion of the program. In Budget 2019, the Government of Canada increased the total amount available in loans to $ 13.75 billion.
- Given the strong demand for the program, the government further expanded the RCFi in the Fall 2020 Economic Statement by adding a $ 12 billion over 7 years, from 2021-2022. The program now totals $ 25.75 billion into low cost loans.
- Budget 2021 proposes that $ 300 million over two years (2021-22 and 2022-23) of the RCFi be allocated to support the conversion of vacant commercial properties into 800 market rental units. As the demand for businesses and offices has changed due to COVID, some homeowners, especially in large urban centers, are facing higher vacancy rates. This is an opportunity for landowners and communities to explore converting excess space into rental housing, thereby improving the livability and affordability of urban communities.
- from Canada The National Housing Strategy (NHS) is a 10-year, over $ 72 billion plan that will give more Canadians a place to call home.
- To help Canadians find affordable housing, Budget 2021 proposes to provide a $ 2.5 billion over seven years of new funding and a reallocation of $ 1.3 billion in previously announced funding to accelerate construction, repair and support of more than 35,000 additional housing units.
- Like from Canada housing authority CMHC contributes to the stability of the housing market and the financial system, provides support to Canadians in need of housing, and provides unbiased housing research and advice at all levels government, consumers and the housing industry. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
- To learn more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation