Investing in affordable homes in Victoria

Victoria, British Columbia, March 30, 2021

Every Canadian deserves a safe and affordable place to call home.

Today, The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation, and the Honourable Joyce Murray, Minister of Digital Government, announced a $100 million loan by the Government of Canada for the Hudson Place 2 development, by Townline Homes Inc.

The development, located at 1700 Blanshard Street, features 245 multi-residential units ranging from studios to 2 bedroom + den units.

The development is receiving financing through the Rental Construction Financing initiative, a National Housing Strategy (NHS) program delivered by CMHC. The goal of the RCFi is to increase the supply of new purpose-built rental housing options for middle class households across Canada, enabling Canadians to live in the cities and communities that they work in.

Townline Homes Inc. has a proud 40-year history as a respected developer in Metro Vancouver, Victoria, Los Angeles and Phoenix. Their portfolio includes mixed-use, residential, office, commercial and institutional developments, many of them complex and multi-phase. Every Townline project is defined by a strong focus on innovative living solutions, customer experience, forward thinking amenities, and a down-to-earth philosophy of enriching the cities and communities they build in.

Quotes:

“Every Canadian deserves a safe and affordable place to call home. Today’s $100 million investment announcement will help create more affordable rental units for Canadians in Victoria. Homes that are affordable, accessible, and energy efficient represent our Government’s commitment to making sure the housing needs of local communities across British Columbia, including in Victoria, are met. 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

“Canada’s middle class will benefit from the construction of new affordable rental housing. Through investments like what we are announcing today, our Government is taking action to increase the supply of new rental developments, providing housing options that are closer to public transit, schools and services for hard-working Victoria area families and those who need it most.”
— The Honourable Joyce Murray, Minister of Digital Government

“In addition to Townline’s mix of market condominiums and mixed-use communities, purpose built rental projects are a very important part of what Townline builds and the communities we build them in. Without this innovative and strategic program developed by CMHC, projects like Hudson Place 2 would not be possible. The RCFI funding provides the industry an opportunity to create more affordable purpose-built rental projects that would otherwise never be supplied, which ultimately would result in a tighter and less affordable rental market for tenants. Not only does this program benefit tenants, it is a catalyst for much needed job growth and employment.”
— Townline Homes Inc.

Quick facts:

Hudson Place 2 is the last phase of a masterplan community by Townline Homes Inc., called “The Hudson District”, which will comprise a total of 6 buildings and over 950 residential units.
The Project consists of 245 total units of which 2 are specifically designed to meet universal Accessibility Standards with a further 25 units built to meet the local Accessibility Standards.
This project is designed to achieve a minimum of 15.60% decrease in energy intensity and 19.80% decrease in greenhouse gas emissions relative to the 2015 model building codes.
227 units will have rents affordable to Canadians at or below 30% of the median household income in the local market. This affordability will be maintained for a minimum of 16 years.
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 $25.75billion in low-cost loans.
Through the RCFi, the Government of Canada is encouraging the construction of more than 71,000 new rental housing units.
The federal and provincial governments recently announced the Canada – British Columbia Housing Benefit (CA – BC HB), a 10-year, $517 million investment that will support more than 25,000 households across B.C. This builds on the Canada – British Columbia Bilateral Agreement, a 10-year agreement announced in June 2018 which represents a joint investment of more than $990 million that will provide long-term, predictable funding to protect, renew and expand social and community housing, and support British Columbia’s priorities related to housing repair, construction, and affordability.
The federal government recently announced details of the $13.1 million federal Rapid Housing Initiative (RHI) allocation for the Capital Regional District, which will create up to 91 new affordable homes. The RHI will support the construction of over 4,700 permanent, new affordable housing units across Canada to help address urgent housing needs for people and populations who are marginalized.
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.