TORONTO, March 6, 2020 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Toronto will soon have access to more stable rental housing options that are affordable to the middle-class, and those working hard to join it.
Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC) announced that the federal government is financing more than $147 million to help construct 514 residential units located at 3415 Weston Road in Toronto.
This project by Medallion Corporation, is receiving financing through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by Canada Mortgage and Housing Corporation (CMHC) that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets and those families looking to join them.
"Canada's middle class and those looking to join them will benefit from the construction of new rental housing. Through new investments, our Government is taking action to increase the supply of new rental developments, providing housing options that are closer to services hard-working Canadian families need." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC
"I want to thank the Federal government for providing a $147 million financing commitment towards the creation of new rental housing for our residents. This funding will help us build up the newly anticipated Casa at Emery Village and ensure that part of the plan includes affordable housing options. Today's announcement is a reflection of the importance of private and public partnerships and the impactful work that can be done." – John Tory, Mayor, City of Toronto
"We applaud CMHC for introducing the innovative RCFI program which is encouraging Medallion to immediately proceed with the construction of much needed, high quality new purpose built apartment buildings for Canadians and their families." – Peter Grater, Chief Financial Officer, Medallion Corporation
- This project involves the construction of two high-rise buildings featuring 514 residential units – a 30-storey tower with 276 residential units and a 26-storey tower with 238 residential units.
- Construction commenced in January 2019, and substantial completion expected spring 2023.
- At least 15% of the development's units (77 units) will meet municipal accessibility requirements.
- The building is designed to achieve energy-efficiency savings of 22.8% and reduction in greenhouse gas emissions of 21.4% relative to the 2015 National Energy Code for Buildings.
- Of the 514 units, 324 have rents below 30% of median household income in the area. The affordable rent levels for at least 114 units will be maintained for a minimum of 10 years.
- The RCFi, a National Housing Strategy (NHS) initiative delivered by CMHC, supports rental housing construction projects to encourage a stable supply of rental housing across the country for middle-class households struggling in expensive housing markets.
- Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the Government increased the amount of low-cost loans provided by this initiative from $2.5 billion to $3.75 billion and further increased to $13.75 billion with budget 2019. In total, the RCFi will encourage the construction of 42,500 new rental housing units across Canada.
- The rental market is an important housing option for approximately 30% of Canadians.
- This project represents a major new supply of purpose built rental housing in Toronto where vacancy rates in 2019 were 1.5%.
- Low-cost loans are available to borrowers who want to build purpose-built rental housing in Canada in response to demonstrated community need.
- Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.
- As Canada's authority on housing, 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. For more information, visit our website or follow us on Twitter, YouTube, LinkedIn, Instagram and Facebook.
- To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation
For further information: Maya Dura, Office of the Minister of Families, Children and Social Development, 873-354-8265, [email protected]; Angelina Ritacco, Canada Mortgage and Housing Corporation, Media Relations, 416-218-3320, [email protected]