OTTAWA — Over two days the federal government has announced over $2 billion in funding to support purpose-built rental projects in six Canadian municipal regions.
The funding will come as repayable low-interest loans through the Rental Construction Financing Initiative (RCFI).
On Nov. 14 alone, the government announced $1.2 billion to build 2,644 rental homes across seven new projects in Toronto, $432 million to construct 1,115 purpose-built rental homes across six projects in Ottawa and $23 million to build 132 purpose-built rental homes in Fredericton, N.B.
The next day, the government followed up with an allocation of $286 million to build 710 purpose-built rental homes across five projects in Halifax, Bedford and Truro, in Nova Scotia, $18 million to build 60 rental units in Kitchener and $157 million to support 648 homes across two projects in London and St. Thomas, in Ontario.
The seven Toronto projects include:
- 855 units at 373 Front St. E., with spending of $444 million;
- 484 rental homes at 94 Eastdale Ave., with funding of $215 million;
- 389 units at 55 Broadway Ave., with funding of $165.4 million;
- 390 units at 325 Moriyama Dr., with spending of $130 million;
- 233 rentals at 1555 Queen St. E., with an allocation of $126 million;
- 225 units at 610 Martin Grove Rd., with support of $93.7 million; and,
- 68 rentals at 650 Kingston Rd., with spending of $34.1 million.
Five of the Ottawa projects are in the Somerset, Baseline, Presland, Bank and Kanata neighbourhoods and one is in Gatineau.
“We need to boost housing supply. This is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country,” stated Minister of Housing, Infrastructure and Communities Sean Fraser in a release. “All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.”