Canada providing rental housing in LaSalle

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

Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC) together with the Honourable David Lametti, Minister of Justice and Attorney General of Canada and Member of Parliament for LaSalle – Émard – Verdun, announced nearly $67.8 million to help construct 226 residential units in LaSalle, Québec.

Celeste, an impressive project including two five-storey residential buildings, is receiving a low-cost loan through the Government of Canada’s Rental Construction Financing initiative (RCFi). The RCFi is a National Housing Strategy program delivered by CMHC that supports rental housing construction projects.

This project will provide new housing options close to public transit, schools and services for families in LaSalle.

Quotes:

“Every Canadian deserves a safe and affordable place to call home and our Government is committed to ensuring that the housing needs of residents here in LaSalle and across the country are met. We recognize the importance of increasing the supply of rental units throughout Canada and we are committed to working to that end to strengthen communities and ensure everyone benefits.”

“It has become clear, in the past year, that nothing is more important than a home. The Government of Canada’s involvement in this project demonstrates our commitment to that belief. Centrally located, Celeste will help enrich an already thriving community. Every Canadian deserves a safe and affordable place to call home and the National Housing Strategy, through investments like this one, keeps bringing us closer to achieving that goal.”

“My partners and I are pleased to participate in this program, providing rental housing to Lasallois. We are equally proud that our project was chosen. Finally, a government initiative with foresight as to the real needs of Canadians. Being a builder and developer since 1976, I have always been frustrated that the incentive to build rental apartments was lacking. This new innovative financing program now allows us to build new rental housing on a national scale and we are proud participants.”

Quick facts:

• The Government of Canada acknowledges that Celeste is located on the traditional and unceded territory of the Kanienʼkehá꞉ka (Mohawk).
• 166 out of the 226 units will have rents well below 30% of median household income in the area, and at least 57 of these units will be held at affordable rent levels for a minimum of 21 years.
• The project meets municipal accessibility requirements in 31 units.
• The Project will achieve energy efficiency savings of 21.3% and greenhouse gas emission reductions of 19.1%, relative to the requirements of the 2015 National Energy Code for Buildings.
• These new rental units meet a demonstrated need in the market since the vacancy rate remains below 3% in LaSalle.
• The goal of the RCFi is to increase the supply of new purpose-built rental housing options for middle class households across Canada, enabling them to live in the cities and communities that they work in.
• 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.
• 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 $12 billion committed through the 2020 Fall Economic Statement.

Associated links:

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. CMHC’s aim is that by 2030, everyone in Canada has a home they can afford, and that meets their needs. For more information, follow us on Twitter, YouTube, LinkedIn, Instagram and Facebook.

To find out more about the National Housing Strategy, visit www.placetocallhome.ca.

Information on this release:

Mikaela Harrison
Press Secretary
Office of the Minister of Families, Children and Social Development
mikaela.harrison@hrsdc-rhdcc.gc.ca

Audrey-Anne Coulombe
Media relations
Canada Mortgage and Housing Corporation
acoulomb@cmhc-schl.gc.ca