Canada Provides More Rental Housing for Nearly 100 Families in Barrie

Canada Mortgage and Housing Corporation (CMHC) (CNW Group/Canada Mortgage and Housing Corporation)

(CNW Group/Canada Mortgage and Housing Corporation)

BARRIE, ON, May 28, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Barrie will 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 MP Tony Van Bynen, Member of Parliament for Newmarket–Aurora, and Barry Ward, Deputy Mayor of the City of Barrie, announced an almost $26 million insured loan to help construct a new residential building located at 233-245 Dunlop Street in Barrie.

The project, developed by MDM Developments, is an 8-storey residential building that will provide Barrie with 93 new units of much needed affordable 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.

Quotes:

"Every Canadian deserves a safe and affordable place to call home. That's why our government is taking action to increase the supply of rental housing through projects like the one we are announcing today in Barrie. This new affordable rental housing will provide families better access to jobs, services and the amenities they need. This is the National Housing Strategy at work." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)

"By providing financing for new housing builds like we have for 233-245 Dunlop Street West Apartments, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities for middle-class families here in Barrie, the surrounding regions and across Canada." – Tony Van Bynen, Member of Parliament for Newmarket–Aurora

"We have reached a critical point in the lack of affordable housing units in Barrie. We need thousands of rental units to start bringing down the average rent in our City. Continuing to encourage the market to build purpose-built rental like this project at 233-245 Dunlop Street to the point where it actually starts to bring rents down is how we tackle this issue. Today's announcement is an important step towards addressing this housing affordability crisis. I would like to thank Minister Hussen and the Government of Canada for their support."– Jeff Lehman, Mayor of the City of Barrie

"MDM Developments is proud to be partnering with CMHC on this exciting project to bring much needed affordable rental homes to the City of Barrie. It's going to be a great building, on a great site, in a great city!" – Doug Gray, MDM Developments

Quick facts:

• 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.
• 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.
• 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.

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. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation

Media contacts: Mikaela Harrison, Press Secretary, Office of the Minister of Families, Children and Social Development, [email protected]; Audrey-Anne Coulombe, Canada Mortgage and Housing Corporation, [email protected]

Related Links

www.cmhc-schl.gc.ca