Canada announces over $132 million for new rental homes in Winnipeg

Winnipeg, Manitoba, November 17, 2023

Today, the Government of Canada announced over $132 million to build 447 purpose-built rental homes across two projects for residents living in Winnipeg, Manitoba. The funding comes as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).

The announcement was made by the Honourable Dan Vandal, Minister of Northern Affairs and Minister responsible for PrairiesCan and CanNor, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside Keith Merkel, President of Edgecorp Group.

Located at 347 Oakdale Drive, the Residences of Oakdale is a development that will consist of 270 units across three buildings once completed. It offers accessible rental housing to senior residents with convenient access to the Charleswood 55+ Active Living Centre which will be located on site in Building B. Utilities and in-suite laundry are included in rent and all residents will have access to a gym, lobby lounges and above/underground parking. Construction for this project began in May 2023 and is expected to complete in April 2025.

Also included in today’s announcement is the project known as Park City Commons - Building PQ located at 150 Transcona Boulevard. This low-rise apartment building offers 177 units comprised of a mix of studio and 1-3 bedroom units. Utilities and in-suite laundry are included in rent and all residents will have access to a gym, lobby lounges and above/underground parking. Construction for this project began in April 2022 and was recently completed on November 1, 2023.

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 our government will continue to make strategic investments through programs like the Rental Construction Financing Initiative to incentivize the development of much-needed rental units. Programs like RCFi showcase our government’s commitment to addressing the pressing housing challenge faced by communities from coast to coast to coast. These investments will help increase the housing supply, and the federal government will continue backing them so that all Canadians have a safe and secure place to call home.”
— The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“It is crucial for the federal government to work with our partners to ensure that every Canadian has a safe place to call home. Announcements like today are a real example of how our government is taking quick action to increase the supply of new rental units across the country. This investment will not only support 447 families right here in Winnipeg, but will also give them the opportunity to live in an inclusive community that provides better access to services that meet their needs. I am pleased to see our National Housing Strategy making a difference in the lives of all Canadians through innovative programs like the RCFi.”
— The Honourable Dan Vandal, Minister of Northern Affairs and Minister responsible for PrairiesCan and CanNor

“The Government of Canada’s RCFi has provided us two fully repayable low-interest loans which have allowed us to develop communities that provide living environments that address the rental housing challenges of Winnipeg. Through this program, we are creating more housing supply that is accessible and inclusive, allowing the residents here to live more comfortable, sustainable lives.”
— Keith Merkel, President, EdgeCorp Group

Quick facts:

Funding details for the two projects include:
- $86.75 million RCFi for 270 units at 347 Oakdale Drive.
- $45.67 million RCFi for 177 units at 150 Transcona Boulevard.
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) is part of the strategy. It provides fully repayable low-interest loans to encourage the construction of more purpose-built, affordable, rental housing for Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
RCFi is one of many programs and initiatives under NHS 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.

Related links:

Visit Canada.ca/housing for the most requested Government of Canada housing information.
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. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs. 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
Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.