New affordable homes coming to Peterborough

Peterborough, Ontario, September 25, 2025

Solving Canada’s housing challenges requires immediate action to bring down costs. To provide Canadians with increased access to affordable and sustainable housing, the federal and provincial governments announced the grand opening of 681 Monaghan Road with an additional investment of $830,015 for the construction of 7 housing units, to support vulnerable populations in Peterborough.

The announcement was made by Emma Harrison, Member of Parliament for Peterborough, on behalf of the Honourable Gregor Roberston, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, and Brian Saunderson, Parliamentary Assistant to the Honourable Rob Flack, Ontario’s Minister of Municipal Affairs and Housing, alongside Jeff Leal, Mayor of Peterborough and Bonnie Clark, Warden of Peterborough County.

These units are part of a new six-storey affordable housing development designed with the community in mind. The building includes 53 units – 37 one-bedroom, 11 two-bedroom, and five three-bedroom units, created to support individuals and families facing challenges. This project is a meaningful step toward meeting the urgent housing needs in the community.

This investment is made possible thanks to the Ontario Priorities Housing Initiative (OPHI), an initiative of the Canada – Ontario Bilateral Agreement under the National Housing Strategy. The Governments of Canada and Ontario previously announced over $854,000 for this project, bringing the total joint federal-provincial investment to more than $1.6 million.

As we build a strong Canadian housing sector, purposeful collaboration will be essential. That means working hand-in-hand with the non-profit sector to bring down costs and build homes at a scale and speed not seen since the Second World War.

Quotes:

“The federal government is committed to helping communities develop local solutions to address the housing crisis. The project announced today will provide more safe, affordable homes for the most vulnerable residents of Peterborough. I’m proud of our government’s involvement, and of the tangible difference it will make for people in this community”
— The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada

“Everyone deserves a roof over their head and a safe place to call home. This investment will help many families and individuals to heal and rebuild their lives, offering not just a home but also hope. The federal government’s ongoing support and commitment to creating affordable housing will help improve the lives of the most vulnerable from our community, here in Peterborough.”
— Emma Harrison, Member of Parliament for Peterborough

“Our government continues to work hand-in-hand with our federal and municipal partners to strengthen our communities and protect people across every corner of our province. Today's announcement is the latest example of our ongoing commitment to ensuring vulnerable people in Peterborough have access to safe and affordable housing.”
— The Honourable Rob Flack, Ontario’s Minister of Municipal Affairs and Housing

“This project is a perfect example of what can be accomplished when all levels of government work together to tackle the housing crisis. Providing these new, affordable units at 681 Monaghan Road is a significant step forward for our community. We are not just building homes; we are creating stable foundations for individuals and families in the City and County of Peterborough, ensuring they have the support they need to thrive.”
— Dave Smith, Member of Provincial Parliament for Peterborough – Kawartha

“The City of Peterborough is facing significant housing challenges, and the project at 681 Monaghan Rd. represents a major step forward in addressing them. By working in partnership with the federal and provincial governments, we are securing the resources needed to build and repair affordable homes for the people who need them most. These investments provide safe, stable housing, and they strengthen our community for years to come. This project shows what we can accomplish at the local level by working together with our provincial and federal partners.”
— Jeff Leal, Mayor, City of Peterborough

“As a partner in the delivery of affordable housing across the Peterborough region, Peterborough County welcomes this investment in our community from the Provincial and Federal Governments. As our population grows, the demand for housing grows. Developments such as 681 Monaghan Road are needed for those on our waitlist and to help increase housing supply in our communities. Thank you to the Province and Federal governments for their support.”
— Bonnie Clark, Warden, Peterborough County

Quick facts:

The National Housing Strategy (NHS) is a 10+ year, $115+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed.
- As of June 2025, the federal government has committed $69.62 billion to support the creation of over 170,000 units and the repair of over 322,300 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
- NHS is built on strong partnerships between the federal, provincial, and territorial governments, and continuous engagement with others, including municipalities, Indigenous governments and organizations, and the social and private housing sectors. This includes consultations with Canadians from all walks of life, and people with lived experience of housing need.
All NHS investments delivered by the federal, provincial, and territorial governments will respect the key principles of NHS that support partnerships, people, and communities.
The Ontario Priorities Housing Initiative (OPHI) is a funding initiative under the CMHC-Ontario Bilateral Agreement. This 10-year agreement provides more than $378 million in federal OPHI funding to help protect, renew and expand community housing and support Ontario’s priorities related to housing repair, construction and affordability.
Funding provided for 681 Monaghan Road is as follows:
- $18.9 million through the federal government’s Rapid Housing Initiative previously announced in 2023
- $1.6 million from the federal and provincial governments through the Ontario Priorities Housing Initiative to support the construction of 13 units.
- $4 million from the City of Peterborough

Additional information:

Visit canada.ca/housing for the most-requested Government of Canada housing information.

CMHC plays a critical role as a national facilitator to promote stability and sustainability in Canada’s housing finance system. Our mortgage insurance products support access to homeownership and the creation and maintenance of rental supply. We also actively support the Government of Canada in delivering on its commitment to make housing more affordable. Our research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity, and climate compatibility. Follow us on X, YouTube, LinkedIn, Facebook and Instagram.

The Protect Ontario by Building Faster and Smarter Act, 2025, helps speed up the construction of new homes and infrastructure by streamlining development processes and reducing costs, in partnership with municipalities.

For more information on affordable housing in Ontario, visit ontario.ca/affordablehousing or follow us on X.