WEST KELOWNA, BC, Aug. 9, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of West Kelowna will now have access to more stable rental housing options.
Today, Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), on behalf of the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Honourable Hedy Fry, Member of Parliament for Vancouver Centre, announced a $34.5 million low-cost loan that helped construct Harbour Ridge, a 120-unit residential building located at 1750 Old Ferry Wharf Rd in West Kelowna, BC.
Harbour Ridge, developed by Quadra Homes, is a 5-storey mixed-use building that features 120 units ranging from one-, two-, and three-bedroom units, and will provide West Kelowna with much needed rental housing.
Ten percent of the units meet or exceed municipal accessibility standards. The project is designed to achieve a minimum 35.1% decrease in energy intensity and 35% decrease in greenhouse gas emissions relative to the requirements of the 2015 National Energy Code for Buildings.
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, through this investment in Harbour Ridge, 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 that middle-class families in West Kelowna 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)
"We all know that everyone in our region, and across Canada, deserves adequate and affordable housing. Today, our government's Rental Construction Financing initiative (RCFi) is helping West Kelowna to increase its supply of new rental developments. When it is complete, Harbour Ridge will offer fresh housing options for families and individuals which are even closer to good jobs, services and amenities in West Kelowna." – Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC)
"The past year and a half has reminded Canadians how vital it is to have a home. Hard working middle class families in West Kelowna deserve homes they can flourish in: a place where their children can grow and our neighbourhoods can thrive. This investment will create rental options for 120 families and individuals throughout the Kelowna area." – The Honourable Hedy Fry, Member of Parliament for Vancouver Centre
"Quadra Homes would like to thank the Honourable Ahmed Hussen, Minister responsible for CMHC, and the entire team at CMHC for their positive response to this housing need. Working with CMHC on this project under the Rental Construction Financing Initiative was a seamless process, which rapidly responded to the need for affordable housing in the Okanagan. Harbour Ridge is another example of the Federal Government taking the lead in working with the private sector and stakeholders to provide badly needed affordable housing and at the same time protect the interests of the taxpayers. We could not have done this project without the combined efforts of CMHC, West Bank First Nations, and all our consultants, contractors and suppliers who believed in the project and worked hard to bring it to completion. We are pleased to do our part in creating more affordable housing." – Shawn Bouchard, Vice-President, Quadra Homes
Quick facts:
- At underwriting, the vacancy rate in the Kelowna market was at 1.9% (October 2018).
- 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, $72+ billion plan that will give more Canadians a place to call home.
- 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: Hafsah Asadullah, Office of the Minister of Families, Children and Social Development, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]
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