Toronto, Ontario, August 6, 2021

Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, Torontonians will now have access to more stable rental housing options.

Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), alongside Rob Oliphant, Member of Parliament for Don Valley West and Parliamentary Secretary to the Minister of Foreign Affairs, announced a low-cost loan totaling $178.95 million to help construct a new residential rental project in Toronto.

The project is located at 100 Broadway Avenue, and will include approximately 412 units of much needed rental housing options close to schools, parks and TTC services for middle-income families and individuals. The project is being developed by The R.W. One Hundred Development Corporation, which is a joint venture between Reserve Properties and Westdale Construction.

The project will include two levels of underground parking containing a total of 116 spaces, along with 150 residential lockers, 412 bicycle stalls and amenities. The interior will include a games room, theatre, gym/fitness centre, social lounge, co-working space, private dining area and a kid’s club. With the exterior boasting a dining area, multiple bbq stations in the outdoor patio, a lounge area with fire pits, a yoga area and a kids play area. In addition, through an agreement signed with the City of Toronto, an 8,000 square-foot park will be created directly outside the building.

The project received funding through the Government of Canada’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.

Quotes:

“Every Canadian deserves a safe and affordable place to call home. That’s why, through this investment in Toronto and others just like it, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities that middle-class families and individuals in Toronto need. This is the National Housing Strategy at work.”— The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC)

“By financing this new rental housing project that creates over 400 new rental units for families and individuals, our government is not only taking action to increase the supply of new rental developments here in Toronto and across Canada, but also providing housing options that are closer to jobs, services and amenities for middle-class families and individuals.”— Rob Oliphant, Member of Parliament for Don Valley West and Parliamentary Secretary to the Minister of Foreign Affairs

“Developing a purpose-built rental building at 100 Broadway, allows us to deliver a range of housing options that are accessible for people from many walks of life. We want to thank the Government of Canada for their contributions to making this a reality for Torontonians.”— Shane Fenton, Chief Operating Officer, Reserve Properties

“We’ve seen immense positive change over the last 20 years we’ve been working in the Yonge and Eglinton neighbourhood. That change now includes a new affordable, purpose-built rental building at 100 Broadway. We look forward to inviting many families and individuals to enjoy what this growing area has to offer.”— Mitchell Cohen, Chief Operating Officer, Westdale Properties

Quick facts:

· Through the RCFi, the Government of Canada is encouraging the construction of more than 71,000 new rental housing units.

· A stable supply of rental housing is critical to ensure that more Canadians have access to housing that meet their need and that they can afford. This is a great option for middle class Canadians who are experiencing affordability pressure in many markets with high home prices and lack of rental supply.

· Launched in April 2017, the RCFi has generated significant interest in the industry, which has led to an expansion of the program. Through Budget 2019, the Government of Canada increased the total amount available in loans to $13.75 billion.

· Given the high demand for the program, the Government again expanded the RCFi in the 2020 Fall Economic Statement by adding an additional $12 billion over 7 years, starting in 2021 – 22. The program now totals $25.75 billion in low-cost loans.

· Budget 2021 proposes that $300 million over two years (2021 – 22 and 2022 – 23) from the RCFi be allocated to support the conversion of vacant commercial property into 800 units of market-based rental housing. As the demand for retail and office space has changed due to COVID, some landlords, particularly in major urban cores, are facing higher vacancies. This is an opportunity for property owners and communities to explore converting excess space into rental housing, enhancing the livability and affordability of urban communities.

· Canada's National Housing Strategy (NHS) is a 10-year, $72+ billion plan that will give more Canadians a place to call home.

· To help Canadians find affordable housing, Budget 2021 proposes to provide an additional

$2.5 billion over seven years in new funding and a reallocation of $1.3 billion in previously announced funding to speed up the construction, repair, and support over 35,000 additional housing units.