A successful partnership to deliver 1,000 affordable housing units across the province
QUÉBEC, June 17, 2025 /CNW/ - The governments of Canada and Quebec, together with Desjardins, have announced the construction of 1,000 new affordable housing units over the next three years. These housing units will be created as part of the Desjardins Affordable Housing Initiative, a partnership launched in 2022 that will now enable the delivery of over 3,000 affordable housing units by 2028.
Funding for these 1,000 new units totals nearly $184 million. This funding comes in part from the $900 million in federal funding provided to Quebec through the Canada-Quebec Agreement under the Housing Accelerator Fund (HAF), as well as from the additional $900 million in funding announced by Quebec in its fall 2023 economic update. For its part, Desjardins is committed to granting community developers nearly $50 million in mortgage financing or patient capital.
With its one-stop-shop model and extensive network of Desjardins caisses and business centers, Desjardins is able to support housing cooperatives, community organizations, and municipal stakeholders in identifying and qualifying projects to accelerate the creation of affordable housing.
Concrete results on the ground
As of May 31, 2025, nine buildings, totaling 1,198 housing units, were already welcoming tenants, and an additional 908 units were under construction.
The projects are spread across 14 regions of Quebec.
Launched in 2022 through an innovative partnership between the Quebec government and Desjardins, the Desjardins Affordable Housing Initiative initially aimed to create 1,000 affordable housing units by the end of 2025.
Thanks to the expertise of its Affordable Housing team, Desjardins quickly exceed the initial target of this first agreement, increasing it to over 2,000 units.
This second agreement, signed with the Quebec government in partnership with the Canadian government, confirms Desjardins' leadership in tackling the housing crisis.
In just six years, this partnership will make more than 3,000 affordable housing units available across the province and ensure their affordability for at least 35 years.
Quotes:
"The partnership with Desjardins is delivering tangible results, and I am very proud of it. This proves that by working together—with the Canadian government, municipalities, and housing organizations—we are able to quickly provide affordable, high-quality housing for the Quebecers who need it most. We are innovating, thinking outside the box, and sparing no effort in addressing the housing crisis. Our government is determined to do things differently, to build more and better."
France-Élaine Duranceau, Quebec Minister Responsible for Housing
"Our government is committed to implementing a series of measures to help double the rate of residential construction across the country. We will make housing more affordable by leveraging the power of public-private cooperation. Our collaboration with the Quebec government and Desjardins will bring us closer to our goal, ensuring that Quebecers have access to more affordable housing."
The Honourable Gregor Robertson, Minister of Housing and Infrastructure
"The structuring partnership with Desjardins has proven its full value on the ground. It reinforces SHQ's housing efforts by enabling us to work hand in hand with our partners to provide more affordable housing to those who need it most—families, seniors, and individuals—across Quebec."
Jean Martel, President and CEO of the Société d'habitation du Québec
"The housing crisis requires strong, rapid, and coordinated responses. This renewed partnership demonstrates that, together, we can deliver concrete results on a large scale, with a real impact on people's lives. At Desjardins, we see access to affordable housing as an essential lever for building stronger, fairer, and more human communities. By adding 1,000 affordable housing units to our roadmap, we continue our commitment to supporting families, workers, and living environments across Quebec."
Guy Cormier, President and CEO, Desjardins Group
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.
SocietehabitationQuebecHabitationSHQ LinkedIn
About Canada Mortgage and Housing Corporation
CMHC plays a critical role as a national convenor to promote stability and sustainability in Canada's housing finance system. Our mortgage insurance products support access to home ownership and the creation and maintenance of rental supply. We actively support the Government of Canada in delivering on its commitment to make housing more affordable. Our research and data help inform housing policy. By facilitating co-operation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity, and climate compatibility. Follow us on X (formerly Twitter), YouTube, LinkedIn, Facebook and Instagram.
About Desjardins Group
Desjardins Group is the largest financial cooperative in North America and the sixth largest in the world, with assets totaling $487.9 billion as of March 31, 2025. Desjardins has been recognized as one of Canada's top employers by Forbes and Mediacorp and as one of the world's best financial institutions in 2025 by Forbes. The organization relies on the expertise of more than 56,100 employees to serve its diverse membership and clientele, both individuals and businesses. To meet the varied needs of its members and clients, Desjardins offers a comprehensive range of products and services through its vast network of service points, virtual platforms, and subsidiaries operating across Canada. Ranked among the world's strongest banking institutions by The Banker, Desjardins boasts industry-leading capital ratios and credit ratings. In 2025, Desjardins Group celebrates its 125th anniversary, marking more than a century of ambition, presence, and expertise in serving its members and clients.
SOURCE Canada Mortgage and Housing Corporation (CMHC)
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