Montreal is moving forward on the construction of 2,976 new purpose-built rental homes across twenty projects thanks to $925 million in funding from the federal government’s Rental Construction Financing Initiative (RCFi).
The announcement came November 16th at ‘Cite Nature Phase 5’, a high-rise apartment project located at 5150 boulevard de l’Assomption. Centrally located with several major attractions nearby—including Montréal Botanical Gardens Montréal Biodome, Olympic Stadium, and the l’Assomption Metro station—the new development is expected to be complete in the spring of 2025.
“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,” said Sean Fraser, Minister of Housing, Infrastructure and Communities. “All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.”
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. The RCFi is one of several initiatives launched under the National Housing Strategy to address housing needs across Canada’s housing continuum; specifically, this fund provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians.
“Access to housing is a human right and is essential to one’s sense of dignity, safety, and inclusion,” added Steven Guilbeault, Minister of Environment and Climate Change and Member of Parliament for Laurier—Sainte-Marie The Government of Canada is committed to working with communities to meet the challenge of building more homes in Montréal. Through RCFi, our government is increasing the supply of new rental units by investing over $925 million to build nearly 3,000 units. These energy efficient and accessible homes will benefit middle class individuals and families and stimulate the local economy.”
To find out more about the RCFi and other programs under the National Housing Strategy, visit: www.placetocallhome.ca
