David McGuinty
Hon. David McGuinty
Member of Parliament for Ottawa South
Canada provides 120 units of rental housing in Ottawa
July 12, 2021

Ottawa, Ontario

Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Ottawa 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 The Honourable David McGuinty, Member of Parliament for Ottawa South, announced a $33.8 million low-cost loan to help construct a new residential building located at 1685 Kilborn Avenue, known as Playfair Residences.

Playfair Residences, developed by Greatwise Developments Corporation, is a 9-storey residential building that will provide the Alta Vista community of Ottawa with 120 new units of much needed rental housing within walking distance amenities like schools, parks, and shopping. The project is transit-focused, and is located on a City of Ottawa bus route, with the Kilborn/Playfair station located at the front of the property. The development will also offer residents with an on-site car sharing service.

The building consists of 120 units, all of which will have rents below 30% of median household income in the area. Fifteen percent of the units will meet municipal accessibility requirements.

The project received funding through CMHC’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 Playfair Residences 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 in Ottawa 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)
“We all know that everyone in our region, and across Canada, deserves adequate and affordable housing. Today, our government’s Rental Construction Financing initiative (RCFi) is helping Ottawa to increase its supply of new rental developments. When it is complete, Playfair Residences will offer fresh housing options for families and individuals which are even closer to good jobs, services and amenities in the Alta Vista community.”
— The Honourable David McGuinty, Member of Parliament for Ottawa South
“We are truly humbled by the level of professionalism that we have experienced dealing with CMHC over the years, not only for the re-financing of our existing rental portfolio but for the seamless approval process for the RCFi, that has made this building a reality. Our goal at Greatwise Developments, is to provide a quality living experience at affordable rents. We are thrilled about the prospect of offering the community 120 high-quality and transit-oriented rental suites, which will be ready for occupancy by early spring 2022.”
— Natan Ary, Vice President of Development, Greatwise Developments

Quick facts:

  • At groundbreaking, the vacancy rate in the Alta Vista community of Ottawa was at 1.7% (2019).
  • 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.

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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 Canadian government, consumers and the housing industry. For more information, follow us on TwitterInstagramYouTubeLinkedIn and Facebook.

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

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