Canada creates over 300 rental homes in Kitchener

Kitchener, Ontario, June 28, 2023

Today, Valerie Bradford, Member of Parliament for Kitchener South – Hespeler on behalf of the Honorable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, as well as Tim Louis, Member of Parliament for Kitchener – Conestoga, and Stephen Litt from Vive Development Inc announced the construction of 304 purpose-built rental homes in Kitchener.

Located at 3241 King Street East, the King and Cameo project will offer purpose-built rental homes, 46 of which will be accessible. This project comprises of three separate towers to be constructed in phases all positioned on both King Street East and Cameo Drive. The site includes a private road network and a pedestrian walkthrough, connecting both entrances. The towers are connected by two storeys of underground and structured parking, providing parking spaces for the entire site. The enclosed parking will offer a spacious rooftop area for communal use, featuring various recreational spaces and landscaped areas.

The project received nearly $115 million in a fully repayable low-interest loan through the Rental Construction Financing initiative (RCFi), a federal initiative aimed at stimulating the supply of purpose-built rental housing homes across the country. The proponent is contributing $6.2 million in cash equity, $6 million in land equity and $6.5 million in deferred development charges.

RCFi is an important tool for increasing purpose-built rental supply in local housing markets and aligns with the Government of Canada’s aim to double the rate of housing construction over the next decade. The project is expected to be completed by March 2025.

Quotes:

“As Canada’s population and cities grow, more rental homes are needed in communities right across the country. Through the RCFi, we’re creating incentives for builders to construct the purpose-built rental homes that Canadians need, including here in Kitchener where we are supporting the construction of more than 300 rental homes. This investment will make it possible for hundreds of individuals and families to access the new rental homes they need to thrive. This is the Government of Canada’s National Housing Strategy at work.”
— The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion

“Today’s announcement continues the Government of Canada’s record of helping Ontarians find the safe and supportive housing they need. Through the RCFi program, we are creating additional purpose-built rental housing in Kitchener to address the decreasing rental housing stock. With more rental housing available, we can ensure a more stable and affordable housing market for middle income Canadians. I look forward to seeing this project completed and know it will make a real and positive impact in our communities.”
— Valerie Bradford, Member of Parliament for Kitchener South – Hespeler

“Today’s announcement for Kitchener and the Waterloo Region will have a huge impact on our communities. These new homes will make a difference in increasing the housing supply for people who need it the most. The Government of Canada will continue to work hard to tackle the housing supply crisis and ensure all Canadians can find a home that meets their needs and budgets.”
— Tim Louis, Member of Parliament for Kitchener – Conestoga

“The SYLK Towers Project, with its partners at Effort Trust, Wavecom Capital and Vive are grateful for this funding from CMHC to bring much needed housing units to the Waterloo Region. The project at 3241 King Street East, Kitchener, will bring 304 new purpose-built rental units to the area. We’ve also worked hard with our team to advance fully electric building designs, moving away from the reliance on natural gas, with this project exceeding building code requirements for efficiency and GHG emissions by over 40%. We look forward to the ground breaking so that we can officially move forward, building more rental housing in our community.”
— Stephen Litt, Chief Development Officer, Vive Development

Quick facts:

The Government of Canada’s National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest over $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.

Additional information:

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 the Canadian government, consumers and the housing industry. CMHC’s aim is that by 2030, everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.

Check out the National Housing Strategy Housing Funding Initiatives Map to see the affordable housing projects that have been developed across Canada.