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Today, the governments of Canada and Quebec in collaboration with Fondaction, announced an investment of $13 million to support housing innovation. This investment is helping the creation of the Havre des Pins co-operative project, funded jointly with the Fondation pour le développement de l’habitation coopérative au Québec (Fonds Coop Accès Proprio).
The announcement was made at the Havre des Pins co-operative project site by Élisabeth Brière, Member of Parliament for Sherbrooke, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside Geneviève Hébert, Member of the National Assembly for Saint-François and Assistant Government Whip.
About the Havre des Pins project:
The Havre des Pins project is a housing complex consisting of five buildings. Construction of Phase I was carried out as part of the homeowner co-operative model pilot projects. The two 24-unit buildings were delivered in 2020 and 2022.
Phase II of the co-operative, whose development cost is $29.7 million, is funded under PRIMAccès S.E.C., a $90-million fund including $45 million from the Government of Quebec and $45 million from Fondaction, which aims to build 1,000 affordable condominium units for first-time buyers across Quebec within 5 years. Of this fund, $7 million is being used to finance the construction of two 24-unit buildings and one 32-unit building, for a total of 80 units.
The Government of Canada is investing a total of $6 million in the Fonds Coop Accès Proprio through the Affordable Housing Innovation Fund, in the form of low-interest repayable loans.
Quotes:
“We’re determined to ensure that everyone has a safe place to call home. I’m proud that we could support this project through the Affordable Housing Innovation Fund, in collaboration with the Government of Quebec and Fondaction. This demonstrates our unwavering commitment to ensuring that no one is left behind.”
“We are stepping up our efforts to provide housing for Quebecers, as demonstrated by the Havre des Pins project, a homeowner co-operative model. It's an innovative homeownership model. Once again, thanks to the tools we have put in place, we are thinking outside the box. We will continue to work on several avenues at once to meet the housing needs of Quebecers.”
“We’re changing the way we build housing in this country, in particular to facilitate access to home ownership. New models have been conceptualized in recent years, including homeowner cooperatives right here in Sherbrooke, and our government is committed to supporting them through the Affordable Housing Innovation Fund. I'm very proud that local projects, such as the Havre des Pins co-op, have been at the forefront and are now becoming a source of inspiration for other municipalities in the Eastern Townships. Congratulations to Guillaume Brien, who imagined and piloted the first homeowners' cooperative in the country.”
“Housing needs vary from one household to another. That's why we're delighted to see the second phase of the Havre des Pins co-operative project come to fruition. This is an innovative model, as it allows people to become owner of a unit in a co-operative arrangement. I'm delighted to know that this phase will meet the expectations and desires of families, single people and seniors in the region.”
Quick facts:
- The Havre des Pins project is Canada's very first homeowners' cooperative.
- CMHC’s Affordable Housing Innovation Fund (AHIF) will promote innovation and growth in the affordable housing sector by encouraging the development of new funding models and construction techniques.
- The Fund’s objective is to support innovative funding models and unique designs to make housing more affordable and reduce the costs and risks associated with affordable housing projects.
- The Fonds Coop Accès Proprio model aims to provide members of co-operatives with housing below market cost by funding the construction of residential projects and positioning the co-operative as a housing project sponsor. FCAP’s objective is to facilitate access to homeownership for low-income households, with the goal of increasing homeownership in Quebec.
About Canada Mortgage and Housing Corporation:
As Canada’s authority on housing, Canada Mortgage and Housing Corporation (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 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.
About the Société d’habitation du Québec:
As a leader in housing, the SHQ’s mission is to meet the housing needs of Quebecers through its expertise and services to citizens. It does this by providing affordable and low-rental housing and offering a range of assistance programs to support the construction, renovation and adaptation of homes, and access to homeownership.
To find out more about its activities, visit www.habitation.gouv.qc.ca/english.html.
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For more information contact:
Micaal Ahmed
Office of the Minister of Housing, Infrastructure and Communities
Micaal.Ahmed@infc.gc.ca
Media Relations
Canada Mortgage and Housing Corporation
media@cmhc-schl.gc.ca
