Government of Canada Provides 254 Rental Housing Units in Vancouver
VANCOUVER, BC, August 11, 2021 / CNW / – Every Canadian deserves a safe and affordable place to call home. Thanks to the investments made by the government of Canada, the inhabitants of Vancouver will now have access to more stable rental housing options.
Today, the Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for the Canada Mortgage and Housing Corporation (CMHC), alongside the Honorable Harjit Sajjan, Minister of National Defense and Member of Parliament for Vancouver South, announced that the federal government is providing a total of $ 127$ 0.35 million through three low-cost loans to help build 254 new homes located at 2109, 3600 and 3680 East Hastings Street in Vancouver.
The project located at 2109 East Hasting Street is a 6 story mixed-use building containing 42 residential units, developed by Mosaic Homes.
The project located at 3600 East Hastings is a 15-story mixed-use building containing 94 residential units, while the project located at 3680 East Hastings is a 15-storey mixed-use building containing 118 residential units. The buildings are developed by PCI Developments.
These projects focus on public transport – 2109 E Hastings is located just 50 meters from the nearest bus stop, has dedicated accessible cycle paths, while the neighborhood is a place of pick-up and drop-off. Popular drop-off for various ridesharing services. The projects at 3600 and 3680 E Hastings are located approximately 120 meters from the Kootenay Bus Loop, which is a major transit hub. Located in the Hastings-Sunrise neighborhood, these three projects are located directly along the Hastings Corridor, with easy access to public transportation, Hasting Community Park, Pacific Coliseum, Playland, and various amenities.
All three projects demonstrate good affordability, with each project exceeding municipal accessibility standards. Each project is designed to reduce energy intensity and greenhouse gas emissions compared to the requirements of the 2015 National Energy Code for Buildings.
These projects received funding under CMHC’s Rental Construction Finance Initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage supply. stable rental housing for middle class families in expensive housing markets.
“Every Canadian deserves a safe and affordable place to call home. That’s why, through these investments on East Hastings Street and others like it, our government is taking action not only to increase the supply of new rental developments, but also to provide housing options closer to jobs, services and amenities that middle-class families Vancouver need. This is the National Housing Strategy at work. ” – The Honorable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for the 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 Finance Initiative (RCFi) is helping Vancouver increase its offer of new rental programs. When completed, these projects on East Hastings Street will provide new housing options for families and individuals who are even closer to good jobs, services and amenities in Vancouver. ” – The Honorable Harjit Sajjan, Minister of National Defense and Member of Parliament for Vancouver South
“Here in the heart of Vancouver East, the middle class and working people define our community. These investments will help create much-needed affordable housing and ensure that a new generation of families can continue to live in this diverse neighborhood. When the City and the federal government work in partnership to help residents stay close to the people and places they love, we get closer to a Vancouver it works for everyone. “ – Kennedy stewart, Mayor of Vancouver
“As a local Vancouver As a developer, PCI is focused on building desirable new rental housing to help meet the acute need for quality affordable housing for those who live and work in our city. It is through CMHC’s Rental Construction Funding Initiative and the support of the community and the City that we are able to sustainably provide a significant supply of guaranteed and below-market rental housing in this region. great community. ” – Kristen devaney, Group Financial Director, PCI Developments
“For over 20 years, MOSAIC Homes has been committed to providing residents of Metro Vancouver with quality housing options. We build real houses, for real people. Vancouver is essential, and our Lakewood life The project, with the help of CMHC and its RCFi initiative, will provide an important source of rental housing for that of Vancouver East Village neighborhood close to amenities, public transportation and employment opportunities. We are excited to be a part of this vibrant and walkable community and look forward to providing critical rental options in the area. ” – Max bruce, Partner – Income properties, MOSAIC Homes
- The most recent vacancy rate in Vancouver was 2.6% (July 2020).
- Through the RCFi, the government of Canada encourages the construction of over 71,000 new rental units.
- A stable supply of rental housing is essential to ensure that more Canadians have access to housing that meets their needs and can afford. This is a great option for middle class Canadians who face affordability pressures in many markets with high house prices and a lack of rental housing supply.
- Launched in april 2017, RCFi has generated considerable interest in the industry, which has led to an expansion of the program. In Budget 2019, the Government of Canada increased the total amount available in loans to $ 13.75 billion.
- Given the strong demand for the program, the government further expanded the RCFi in the Fall 2020 Economic Statement by adding a $ 12 billion over 7 years, from 2021-2022. The program now totals $ 25.75 billion into low cost loans.
- Budget 2021 proposes that $ 300 million over two years (2021-22 and 2022-23) of the RCFi be allocated to support the conversion of vacant commercial properties into 800 market rental units. As the demand for businesses and offices has changed due to COVID, some homeowners, especially in large urban centers, are facing higher vacancy rates. This is an opportunity for landowners and communities to explore converting excess space into rental housing, thereby improving the livability and affordability of urban communities.
- from Canada The National Housing Strategy (NHS) is a 10-year, over $ 72 billion plan that will give more Canadians a place to call home.
- To help Canadians find affordable housing, Budget 2021 proposes to provide a $ 2.5 billion over seven years of new funding and a reallocation of $ 1.3 billion in previously announced funding to accelerate construction, repair and support of more than 35,000 additional housing units.
- Like from Canada housing authority CMHC contributes to the stability of the housing market and the financial system, provides support to Canadians in need of housing, and provides unbiased housing research and advice at all levels government, consumers and the housing industry. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
- To learn more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation