Every Canadian deserves a safe and affordable place to call home. To address high housing costs in Ontario and across the country, the Government of Canada continues to make smart investments in rental housing. These investments will help us build stronger communities, create jobs, and grow our middle class, while supporting vulnerable Canadians and helping end homelessness.
The Prime Minister, Justin Trudeau, today announced an investment of nearly $120 million to help build a new 26-storey multi-residential, energy-efficient building in Brampton, Ontario. This project will help over 300 local families find rental housing units.
A solid and reliable supply of rental housing is critical to ensuring that more Canadians have access to housing that is affordable and meets their needs. Today’s announcement is part of the Rental Construction Financing Initiative, which supports rental housing construction projects across the country by providing low-cost, insured loans to developers and municipalities in places where there is a need for additional rental housing units.
Since 2015, through programs like the First-Time Home Buyer Incentive and the Rapid Housing Initiative, the Government of Canada has helped more than one million Canadians have a safe and affordable place to call home. The government is committed to eliminating chronic homelessness in Canada and will continue working to grow the middle class, build back strong communities, and make life more affordable for Canadians.
“We know that finding an affordable place to live is a challenge for many Canadians in communities across the country. Today’s announcement is great news for families in Brampton, and the Government of Canada will continue to invest to increase affordable housing options for all Canadians. We will keep working to ensure that everyone can find a place to live, raise their families, and build their future.”
“Every Canadian deserves a place to call home. That’s why the government is taking action to increase the supply of rental housing through projects like the one we are announcing today in Brampton. This new rental housing will provide families better access to jobs, services, and the amenities they need. This is the National Housing Strategy at work.”
- The Rental Construction Financing Initiative (RCFI) is delivered by the Canada Mortgage and Housing Corporation (CMHC), under the National Housing Strategy (NHS).
- Canada’s NHS is an ambitious, 10-year plan that will invest over $72 billion to give more Canadians a place to call home. Launched in 2017, the NHS is building and repairing thousands of housing units, and helping households with affordability support.
- Through the RCFI, the Government of Canada is facilitating the construction of more than 71,000 new rental housing units.
- To help Canadians find affordable housing, Budget 2021 provides $2.5 billion over seven years in new funding, and reallocates $1.3 billion in previously announced funding, to speed up the construction, repair, and support of over 35,000 affordable housing units.
- As part of the reallocated funding, Budget 2021 allocates $300 million from the RCFI over two years, in 2021-22 and 2022-23, to support the conversion of vacant commercial property into 800 rental housing units. This plan provides an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the livability and affordability of urban communities.
- The project announced today is located at 40 Lagerfeld Drive in Brampton, Ontario, and is being developed by The Daniels Corporation and the Choice Properties Real Estate Investment Trust (REIT). As one of the largest developers in Canada, The Daniels Corporation has built more than 30,000 homes and condominiums in the Greater Toronto Area over the last 35 years. Choice Properties REIT is one of the largest REITs in Canada.
SOURCE: City of Toronto