SUMMERSIDE, PE, Dec. 18, 2025 /CNW/ - Far too many Canadians are struggling to find homes they can afford. Solving Canada's housing crisis requires immediate action to bring down costs, cut red tape, and build homes more quickly. The Government of Canada is stepping up with a bold new approach to increase the supply of housing in Canada.
Central to that work, the Government of Canada launched Build Canada Homes, which will help increase the pace of affordable homebuilding to increase housing supply. Build Canada Homes will also help fight homelessness by building transitional and supportive housing – working with provinces, territories, municipalities, and Indigenous communities. It will build deeply affordable and community housing for low-income households, and partner with private market developers to build affordable homes for the Canadian middle class.
As part of the Government of Canada's broader efforts to respond to the housing crisis, work is being done across the housing continuum to respond to the needs of communities across Canada. To that end, the Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to partnered organizations for new affordable housing and the renovation and repair of existing, affordable and community housing.
Today, the federal government, along with the Prince Edward Island Housing Corporation, marked the progress of 89 new housing units for singles and families in Summerside. This project, named Earle and Marilyn Banks Place, represents a combined investment of more than $33 million. The Province of Prince Edward Island will subsidize rents for 47 units, with rental rates geared to tenants' incomes. The multi-residential development, located at 415 Granville Street, is situated in a well-serviced area of the city within walking distance of key amenities, including grocery stores, cinemas, restaurants, a hospital, veterinary services, daycares, and schools.
The event featured remarks from Bobby Morrissey, Member of Parliament for Egmont, on behalf of the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside the Honourable Barb Ramsay, Minister of Social Development and Seniors and Member of the Legislative Assembly for District 22, Summerside-South Drive, on behalf of the Honourable Cory Deagle, Minister of Housing, Land and Communities.
The past year has revealed there are limits to Canada's economic independence. Budget 2025 is tackling that challenge head on. It is our plan to take control and build the future we want for ourselves. It is our plan to Build Canada Strong.
Quotes:
"Our Government is committed to providing communities the support they need to build capacity to develop local solutions to housing. Access to adequate, affordable housing is the foundation for socio-economic success. It supports better education and health outcomes, better employment prospects and better community engagement and cohesion, not to mention economic growth and financial security." – The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada
"Our Government is committed to helping communities develop local solutions to housing needs. This project will provide more safe, affordable homes for some of the most vulnerable residents of Summerside. It's also another step forward in building an economy that serves everyone." – Bobby Morrissey, Member of Parliament for Egmont
"We are proud to partner with the Government of Canada to deliver affordable housing that strengthens communities. This project will help Islanders stay connected and thrive, while improving the quality of life. It will also help substantially reduce the social housing registry waitlist of Summerside." – The Honourable Corey Deagle, Minister of Housing, Land and Communities
"Earle and Marilyn loved this community and were always ready to help people find their way forward. They would be proud to see their names on a building that will provide affordable rental housing and opportunity for Prince County families. We appreciate the Province and the Government of Canada supporting us here." – Tim Banks, CEO of the APM Group
"The demand for affordable rental housing in Summerside is significant. This partnership with CMHC, the Province of PEI, the City of Summerside, and PanAmerican Properties demonstrates how collaboration can deliver real results for Islanders." – Bill Campbell, President of Kings Square Affordable Housing Corp
Quick Facts:
- The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to partnered organizations for new affordable housing and the renovation and repair of existing, affordable and community housing. This is a $16.1 billion program under the National Housing Strategy (NHS) that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous Peoples, people living with disabilities, those with mental health or addiction issues, Veterans, and young adults.
- As of September 2025, the Government of Canada has committed $13.72 billion to support the creation of over 54,100 units and the repair of over 174,600 units through the Affordable Housing Fund.
- On September 19, 2025, the Government of Canada announced $1.5 billion top-up in loans for the AHF's New Construction Stream, to support the creation of over 5,000 new units starting in 2025-26. Additionally, the AHF's Rapid Housing Sub-Stream will be accelerated, by pulling $385 million in funding from future years.
- The Affordable Housing Development Program (AHDP) provides forgivable loans of up to $55,000 per unit to support construction costs in exchange for maintaining rental rates at affordable levels. The Province of Prince Edward, through the PEI Housing Corporation, enters into a long-term lease arrangement for the affordable units and subsequently subleases them to eligible clients on the social housing registry using rent geared to income approach at 25% of client's income.
- Funding provided for 415 Granville Street is as follows:
- $24.8 million from the federal government, through the National Housing Strategy's Affordable Housing Fund
- $2.3 million from the PEI Housing Corporation, through their Affordable Housing Development Program (AHDP)
- $7.7 million from Pan American Properties Inc.
- 20-year lease agreement with the PEI Housing Corporation for 47 of the 89 units, including 10 units that will be accessible
Additional Information:
- Visit canada.ca/housing for the most-requested Government of Canada housing information.
- Build Canada Homes is ready to partner with organizations committed to increasing the supply of affordable housing across Canada. Learn more about the portal and the Investment Policy Framework.
- CMHC plays a critical role as a national convenor to promote stability and sustainability in Canada's housing finance system. CMHC's mortgage insurance products support access to home ownership and the creation and maintenance of rental supply. CMHC research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, CMHC contributes to advancing housing affordability, equity, and climate compatibility. CMHC actively supports the Government of Canada in delivering on its commitment to make housing more affordable.
Follow CMHC on X, LinkedIn, Facebook, Instagram and YouTube. - Visit Affordable Housing Development Program for more information on forgivable loans to increase affordable housing on Prince Edward Island.
SOURCE Canada Mortgage and Housing Corporation (CMHC)
Contacts: Renée LeBlanc Proctor, Office of the Minister of Housing and Infrastructure, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]; Nicole Yeba, Housing, Land and Communities, [email protected]
Share this article