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Today, Tony Van Bynen, Member of Parliament for Newmarket – Aurora, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside John Taylor, Mayor of the Town of Newmarket and Bob Kwapis, Ward 5 Councillor for Newmarket are proud to announce the construction of 175 purpose-built rental homes in Newmarket. These new homes are made possible through a fully repayable low-interest loan of over $77 million through the Rental Construction Financing Initiative (RCFi).
Canada’s construction of rental homes has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades. To help address this issue, the Government of Canada has introduced the RCFi to stimulate the construction of rental housing across the country. Increasing the overall supply of rental housing in the country is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home. The Government of Canada recognizes that purpose-built rental housing is an important component of the housing market, and increased supply of rental homes is needed to meet the growing demand for rental housing.
The announcement took place at 200 Deerfield Road, where The Bakerfield Phase II is being constructed by The Rose Corporation. The building will offer purpose-built rental homes for middle-income individuals and families. Of the 175 units available, 31 will be accessible, and the project will be certified for compliance with the Accessibility for Ontarians with Disabilities Act (AODA).
Being built with a sustainability focus, this building is committed to promoting energy-efficiency and will be expertly managed to cater to the unique needs of each resident. With thoughtfully selected amenities, it aims to provide a modern and comfortable living space, ensuring that all residents can enjoy their future homes.
Construction commenced in March 2022, and substantial completion is expected in Fall 2024.
Quotes:
“Too many Canadians are struggling to find somewhere to rent and to call home. The federal government is seized with reversing this trend, and through programs like the Rental Construction Financing Initiative, we are incentivizing the development of much-needed rental units; including these 175 right here in Newmarket. Investments like these will help to increase the supply of housing, and our Government will continue to make strategic investments so that all Canadians have a safe place that they are proud to call home.”
“Today’s announcement of $77 million in financing for The Rose Corporation’s 200 Deerfield Road project, will significantly add to the rental housing stock in our community of Newmarket. Long term rentals that are well served by public transit and close to the amenities people want when choosing where to live are vitally important to building healthy, liveable communities. Providing fully repayable low-interest loans to developers such as The Rose Corporation is but one example of how our government is moving forward to address affordable housing options.”
“York Regional Council is committed to supporting complete communities with a full range of housing options to meet the needs of residents of all ages, abilities, income levels and stages of life. It is becoming more difficult for York Region residents to find and access affordable housing options and addressing these affordable housing challenges involves all levels of government and community partners working together. On behalf of York Regional Council and the more than 1.2 million residents who call our communities home, I thank the Government of Canada for supporting the construction of 175 purpose-built rental homes in the Town of Newmarket.”
“As we build more housing, we need to focus on homes that are affordable for people at every income level. Today's announcement is a good example of how different levels of government and home builders can partner to improve the mix of housing. In order to tackle the affordability crisis we will need to build a range of housing types, including more purpose-built rental homes like those on Deerfield.”
“I am excited that today, the Rose Corporation has brought 175 purpose-built rental homes, of which 31 units are AODA-certified accessible units. This enhances the variety of rental choices located in our Newmarket downtown area.”
“The Rose Corporation is committed to creating attainable rental and ownership housing alternatives in the communities we build in. By working together with all levels of government — the Federal Government (CMHC), York Region, and the Town of Newmarket, we are able to build housing options and add much-needed new inventory, all made possible through the strength of this public-private collaboration. The Bakerfield – Phases I & II are testaments to the effectiveness of CMHC’s Rental Construction Financing Initiative, and we are proud of this new, purpose-built rental community that is poised to serve the growth needs of Newmarket for many years to come. To date, the demand for all range of suites at The Bakerfield – Phase I has been strong and we look forward to welcoming more residents to our community.”
Quick facts:
- The Government of Canada’s National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82 billion to give more Canadians a place to call home.
- The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
- RCFi is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
- RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
- Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
- A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
Additional information:
Visit Canada.ca/housing for the most requested Government of Canada housing information.
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 everyone in Canada has a home they can afford and that meets their needs. 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.
Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.
For information on this release:
Shiraz Keushgerian
Office of the Minister of Housing
Infrastructure and Communities
shiraz.keushgerian@infc.gc.ca
Media Relations
Canada Mortgage and Housing Corporation
media@cmhc-schl.gc.ca
