Canada provides 142 units of rental housing in Port Moody

Port Moody, British Columbia, August 4, 2021

Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Port Moody will now have access to more stable rental housing options.

Today, Ron McKinnon, Member of Parliament for Coquitlam – Port Coquitlam, on behalf of the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for CMHC, announced a $48.6 million low-cost loan to help construct a new residential building located at 3131 St Johns Street, Port Moody, B.C.

The Moody, located at 3131 St Johns and developed by Woodbridge Homes, is a 6-storey residential building that will provide the Port Moody with 142 new units of much needed rental housing within walking distance amenities like schools, parks, and shopping. The project demonstrates good affordability, accessibility and great location with proximity to public transit.

This project is designed to achieve a minimum of 21.8% decrease in energy intensity and 37.0% decrease in greenhouse gas emissions relative to the requirements of the 2015 National Energy Code for Buildings or the 2015 National Building Code.

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 rental housing for middle-class families in expensive housing markets.

Quotes:

“Every Canadian deserves a safe and affordable place to call home. That’s why, through this investment in The Moody and others just like it, 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 that middle-class families in Port Moody need. This is the National Housing Strategy at work.”
— The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)

“We all know that everyone in our region, and across Canada, deserves adequate and affordable housing. Today, our government’s Rental Construction Financing initiative (RCFi) is helping Port Moody to increase its supply of new rental developments. When it is complete, The Moody will offer fresh housing options for families and individuals which are even closer to good jobs, services and amenities in Port Moody.”
— Ron McKinnon, Member of Parliament for Coquitlam – Port Coquitlam

“I believe that CMHC’s Rental Construction Financing Initiative is the quintessential example of a Win, Win, Win solution. The Federal Government gets to deliver on its goals of incentivizing the delivery of affordable rental housing. The developer/landlord can be in market with affordable rental rates helping reduce vacancy in their building. And most importantly, renters and their families can enjoy more affordable rents. It truly is an ideal program.”
— James Howard, CEO, Woodbridge Homes

Quick facts:

At underwriting, the vacancy rate in the Vancouver Sub-Market of the Tri-Cities, which includes Port Moody, was at 1.2% (2018).
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, $72+ billion plan that will give more Canadians a place to call home.
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.

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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.