Federal Government announces over $432 million for new rental homes in Ottawa

Ottawa, Ontario, November 14, 2023

Today, the federal government announced over $432 million to build 1115 purpose-built rental homes across six projects in Ottawa. The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).

The announcement was made at Kanata Woods by the Honourable Jenna Sudds, Minister of Families, Children and Social Development and Member of Parliament for Kanata – Carleton, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.

Located at 180 Kanata, this project is a six-storey mixed-use building containing 306 residential units as well as a coffee shop, a restaurant, and a gym. The building will have a rooftop terrace that overlooks the rear yard, a community garden and solar panels. Kanata Woods, expected to be complete by the winter of 2024, received $127 million through RCFi.

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

“We are committed to working with all communities to meet the challenge of building more rental housing in Ottawa and across the country. Initiatives like the RCFi are helping to increase the supply of new rental units and are helping more Canadians find a home that is safe and meets their needs. By investing over $430 million to build a total of over 1,000 units across Ottawa and its region, we are ensuring sure middle-income individuals and families have the housing they need to thrive.”
— The Honourable Jenna Sudds, Minister of Families, Children and Social Development and Member of Parliament for Kanata – Carleton

Quick facts:

Funding details for the other five Ottawa projects include:
$105 million RCFi for 270 units at 1040 Somerset,
$96.6 million RCFi for 267 units at 2140 Baseline Rd,
$2.4 million RCFi for 10 units at 284 Presland Rd,
$39 million RCFi for 114 units at 488 - 500 Bank St,
$60 million RCFi for 148 units at 30 Jos-Montferrand, Gatineau.
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.

Additional information:

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, 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.