Every Canadian deserves a safe and well-priced place to call home. Thanks to investments made by the Government of Canada, residents of the Abbotsfield and Beverly communities in North East Edmonton will now have more stable rental housing options.
Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), alongside Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development, announced a $46.5 million insured loan to help construct 248 new rental units in the City of Edmonton.
The homes are part of a new project, Riverview Residences, located at 11804 Abbottsfield Road NW directly across from Rundle Park and adjacent to Riverview Crossing Shopping Centre.
Riverview Residences is being developed by Ayrshire Group, an Alberta based investment firm with a strong appetite to invest in socially and environmental responsible real estate projects. This development will use approximately 30% less energy than similar buildings as defined by the National Energy Code of Canada. The development will also reserve at least half of its underground parking with electric charging stations.
The project received funding through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of new rental housing for families in expensive housing markets.
“Every Canadian deserves a safe and dependable place to call home. That’s why our government is taking action to increase the supply of rental housing across the country. With investments like the one we have announced today in Edmonton, which will provide a new place to call home for almost 250 individuals and families, we hope to create a new generation of housing that meets the every day needs of Canadians.”
“By providing funding for new housing builds like we have for Riverview Residences, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities for middle-class families here in Edmonton, and across Canada.”
“Ayrshire feels very fortunate to be qualified as a private developer under CMHC’s Rental Construction Financing Initiative. When we acquired Abbottsfield Mall in 2017 it was approximately 50% vacant and in need of a new community focused vision. With help from the City of Edmonton and various community focused organizations, we decided to rebrand the shopping centre as Riverview Crossing and subdivide a large unused portion of land to accommodate this 248 unit Riverview Residences development. This mixed-use project is a great example of how a collective effort from Municipal, Provincial and Federal levels of government can transform a property into a hub of activity, entertainment and community services.”
- Through the RCFi, the Government of Canada is encouraging the construction of more than 71,000 new rental housing units.
- A stable supply of rental housing is critical to ensure that more Canadians have access to housing that meet their need and that they can afford. This is a great option for middle class Canadians who are experiencing affordability pressure in many markets with high home prices and lack of rental supply.
- Launched in April 2017, the RCFi has generated significant interest in the industry, which has led to an expansion of the program. Through Budget 2019, the Government of Canada increased the total amount available in loans to $13.75 billion.
- Given the high demand for the program, the Government again expanded the RCFi in the 2020 Fall Economic Statement by adding an additional $12 billion over 7 years, starting in 2021 – 22. The program now totals $25.75 billion in low-cost loans.
- Budget 2021 proposes that $300 million over two years (2021 – 22 and 2022 – 23) from the RCFi be allocated to support the conversion of vacant commercial property into 800 units of market-based rental housing. As the demand for retail and office space has changed due to COVID, some landlords, particularly in major urban cores, are facing higher vacancies. This is an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the livability and affordability of urban communities.
- Canada's National Housing Strategy (NHS) is a 10-year, $70+ billion plan that will give more Canadians a place to call home — this includes more than $13 billion committed through the 2020 Fall Economic Statement.
- To help Canadians find affordable housing, Budget 2021 proposes to provide an additional $2.5 billion over seven years in new funding and a reallocation of $1.3 billion in previously announced funding to speed up the construction, repair, and support over 35,000 additional housing units.
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, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
Office of the Minister of Families, Children and Social Development
Canada Mortgage and Housing Corporation