Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of North Scarborough now have access to 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 Shaun Chen, Member of Parliament for Scarborough North, announced a $42 million low-cost loan that helped construct the new residential building located at 23 Thunder Grove Road in Scarborough North.
Ridgeford Place, by the Ridgeford Charitable Foundation, is a 12-storey residential building that is providing Scarborough North with 186 new units of much needed rental housing close to public transit, schools and services for families.
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.
“Every Canadian deserves a safe and affordable place to call home. That’s why our government is taking action to increase the supply of affordable rental housing through projects like the one we are announcing today in Toronto. Ridgeford Place will provide families better access to jobs, services and the amenities they need.”
“It has become clear, in the past year, that nothing is more important than a home. Hard-working families in Scarborough deserve a safe and affordable place to call home, where they can thrive and spend time with their loved ones. The Government of Canada’s involvement in this project demonstrates our ongoing commitment to that belief. Together, we are investing in a generation of new permanent housing that we can all be proud of.”
“Increasing the supply of affordable rental housing has been a top priority for me as Mayor and we have set ambitious goals for our city in our housing plan. This new project in partnership with the federal government allows us to continue moving forward in meeting these goals and ensuring that every resident in our city has a roof over their head. We know as a city, we cannot do this alone which is why these partnerships with the federal government are so important. For our part, as part of the Open Door program, the City of Toronto is contributing $6.9 million in incentives to help ensure that all 186 rental homes at 23 Thunder Grove in Scarborough North are affordable and can remain affordable for a minimum of 25 years. The City is also providing funding over the 25-year term to deepen affordability so that 47 low-income households will pay no more than 30 per cent of their income on rent. I want to thank the Federal government for being great partners and for helping us move forward with getting affordable housing built. Partnerships like this one, where governments and the non-profit sector work together allow us to deliver affordable housing to residents in our city.”
“The Ridgeford Charitable Foundation (Ridgeford Homes) is proud to announce the recent opening of their 186 unit affordable housing apartment building at 23 Thunder Grove, Scarborough. This project was only made possible through the support and collaboration of the City of Toronto and the Canada Mortgage and Housing Corporation. It has added desperately needed affordable rental housing stock to the Toronto area.”
- The Project is designed to achieve energy efficiency savings of 16.6% and greenhouse gas emission reductions of 26.4%, relative to the requirements of the 2015 National Energy Code for Buildings and 27 units will be accessible.
- 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.
- 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.
- 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.
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