More Rental Housing for Families in Charlottetown

Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Charlottetown 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), and Sean Casey, Member of Parliament for Charlottetown, announced $13.75 million to help construct 60 residential units located at 5 Towers Road in Charlottetown.

Geneva Place, a four-storey multi-residential building by Geneva Place Inc., is receiving the low-cost loan through the Government of Canada’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC that supports rental housing construction projects. The program encourages a stable supply of rental housing to support middle-class families facing expensive housing markets.

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

Quotes:

“Every Canadian deserves a safe and affordable place to call home. Our Government is committed to ensuring the residents’ housing needs right here in Charlottetown are met, and today’s announcement will help create more rental units for families. We will continue to increase the supply of rental units for Canadians, while creating well-paying middle-class jobs and strengthening our economy.”

“The lack of available affordable housing is more acute in Charlottetown than almost anywhere else in Canada. This is the most recent instalment in the Government of Canada’s investment to deliver on it’s commitment to address this challenge. Everyone deserves a safe place to call home and the National Housing Strategy, through investments like this one, is building hope for Islanders.”

“Geneva Place Inc is very pleased to be working with CMHC to bring a new affordable rental project to our community. With 60 new one-bedroom and two-bedroom units, this combination provides selection and diversity for those choosing a new home. Geneva Place Inc. would like to acknowledge Mayor Philip Brown and Council for their ongoing support. Special thanks to Brighton Construction Inc. and their team for building the project on time and on budget! Geneva Place Inc. looks forward to working with future tenants as they embark on their journey in finding and maintaining their new home.”

Quick facts:

• The Government of Canada acknowledges Geneva Place is located on the traditional and unceded territory of the Abegweit Mi’kmaq First Nation.
• All of the units in the building will have annual rents that are well below 30% of the median household income in the area. The affordable rent levels for at least 23 units will be maintained for a minimum of 11 years from the date of first occupancy.
• At least six units will meet the municipal accessibility requirements, and will include units with universal and adaptable design.
• The building is designed to achieve energy-efficiency savings and reduction in greenhouse gas emissions of 27.6% relative to the 2015 National Energy Code of Buildings.
• Construction commenced in December 2019, and substantial completion is expected by June 2021.
• 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