Federal Government announces over $55 million for new rental homes in Oakville

Oakville, Ontario, November 16, 2023

Today, the federal government announced over $55.7 million to build 131 purpose-built rental homes in Oakville. The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).

The announcement was made at the 2475 Old Bronte project by Pam Damoff, Member of Parliament for Oakville North—Burlington, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside the Honourable Anita Anand, Member of Parliament for Oakville.

This 8-storey purpose-built rental apartment building is being constructed by One Urban, West of downtown Oakville, in a developing residential neighbourhood close to schools, a hospital, parks, grocery store, and major transit routes. The building includes 29 accessible homes, and all common areas have also been designed to be accessible.

The project emphasizes environmental sustainability through the implementation of geothermal heating and cooling and through reducing greenhouse gas emissions and is forecasted to save 2 million liters of water annually, cut hydro energy use by 47.5 per cent, and reduce greenhouse gas emissions by over 60 per cent.

The project, which is expected to be completed as early as the spring of 2024, has also received $6.25 million in grant funding from Halton Region.

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 tackle this issue, the federal government introduced the RCFi to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.

Quotes:

“We need to boost housing supply, this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.”
– The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“Too many Canadians are struggling to find somewhere to rent and to call home. The federal government is working to reverse this trend, and through programs like the Rental Construction Financing Initiative, we are incentivizing the development of much-needed rental units, including these 131 right here in my riding in Oakville. 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."
− Pam Damoff, Member of Parliament for Oakville North—Burlington

“As our population continues to grow, the need for strategic housing initiatives is crucial, and purpose-built rentals are an essential part of the solution. The Rental Construction Financing Initiative (RCFi) steps up to the challenge by incentivizing the construction of purpose-built rental homes. Today’s announcement will add 131 units to ensure that our Oakville community has a stable housing market for future generations.”
− The Honourable Anita Anand, Member of Parliament for Oakville

“We continue to deliver more assisted housing opportunities for the Halton community. We are proud to invest $6.25 million in this project, creating 25 new assisted rental apartments for those who need it most. Everyone deserves a roof over their head and this is supported by strong partnerships with other levels of government and the development community. Thank you to everyone who is working with us on this important project.”
− Gary Carr, Halton Regional Chair

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.