989 New Homes Coming to Montreal

Government of Canada Logo (CNW Group/Canada Mortgage and Housing Corporation (CMHC))

MONTREAL, Nov. 15, 2024 /CNW/ - The federal government is providing nearly $364 million to help build 989 new homes in Montreal.

The announcement was made by the Honourable Steven MacKinnon, Minister of Labor and Seniors, alongside Anthony Housefather, Member of Parliament for Mount Royal and Parliamentary Secretary to the President of the Treasury Board.

The announcement took place at 5200 rue de la Savane, in Montreal, which received $100 million dollars through the Apartment Loan Construction Program (ACLP) to build 303 homes and will be operated by Olymbec. This rental building, named Lynk, is designed to serve a diverse range of community needs. Some of the units will be offered at below-market prices, ensuring to meet the needs of individuals and families seeking more accessible rental options. This approach aims to create a well-rounded community by offering diverse housing options for residents with varying preferences and needs. The site is located close to a metro station and several shops.

A detailed list of all the projects that received funding is provided in an appendix to this release.

Quotes:

"Everyone deserves a place to call their own, and the Apartment Construction Loan Program is one way we're helping make that a reality for Canadians. We will keep investing in housing projects like the ones announced today in Montreal, and working with partners across the country, to end the housing crisis."– The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"By making housing construction easier, cheaper and faster in Montreal, our government is ensuring that Quebec families have access to a safe, affordable home. Today's announcement is another step toward ending Canada's housing crisis once and for all." – The Honourable Steven MacKinnon, Minister of Labor and Seniors

"The Government of Canada is committed to work with communities to meet the challenge of building more housing in Montreal and across Quebec. Through the Apartment Construction Loan Program, our government is increasing the supply of new rental housing by investing $100 million in the construction of 303 units in the riding of Mont-Royal. This housing supply will benefit middle-class individuals and families and stimulate the local economy." – Anthony Housefather, Member of Parliament for Mount Royal and Parliamentary Secretary to the President of the Treasury Board

"With this fabulous location and the critical need for quality rental housing in Montreal, we are excited about creating this special living environment that will stand out as an address of quality, convenience and pride." – Ðerek Stern, Vice-president, Olymbec

Quick Facts:

• The National Housing Strategy (NHS) is a 10+ year, $115+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives is updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.
  • As of September 2024, the federal government has committed $57.57 billion to support the creation of over 156,000 units and the repair of over 297,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
• The $55 billion Apartment Loan Construction Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031-32.
  • The ACLP provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians. It creates a positive impact on the housing system at minimal cost to taxpayers.
  • As of September 2024, CMHC has committed $20.65 billion in loans through ACLP to support the creation of more than 53,000 purpose-built rental homes.
  • It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
  • It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
  • A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
  • Budget 2024 announced enhancements to the ACLP which includes the program being extended from 2027-28 to 2031-2032. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors' housing. There are no longer minimum requirements relating to energy efficiency and accessibility, applicants will benefit from making stronger commitments to desired rental supply and social outcomes. The Applications including these enhancements will open on November 22.

Additional Information:

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.

Appendix: Projects receiving funding  

Project Name	Program	Funding ($)	Units
Quartier Dalia	Apartment Construction Loan Program (ACLP)	93,753,000	249
Aria – Projet Voltige	Apartment Construction Loan Program (ACLP)	67,000,000	182
Lynk	Apartment Construction Loan Program (ACLP)	100,000,000	303
Trantor mtl 3	Apartment Construction Loan Program (ACLP)	103,105,000	255
Total		363,858,000	989

SOURCE Canada Mortgage and Housing Corporation (CMHC)

Contacts: Sofia Ouslis, Office of the Minister of Housing, Infrastructure and Communities, [e-mail]; Media Relations, Canada Mortgage and Housing Corporation, [e-mail]