New Market Funds preserves 178 affordable rental homes with $4.4 million investment
, July 24, 2025 /CNW/ - Canadian fund manager and developer New Market Funds (NMF) has invested $4.4 million in the preservation of 178 affordable rental homes in projects in Winnipeg (MB), Toronto (ON), and Summerside (PE).
Preserving affordable rental apartments for Canadians is essential right now, given that for every new unit of affordable housing built, up to 15 existing affordable units are lost due to redevelopment or skyrocketing rents. To support this important need, since 2022 NMF has invested in the removal of 1,577 rental homes from the market to preserve long-term affordability.
Each transaction blends mortgage debt and government funding with private investment capital, enabling community-based organizations to compete in the private market to preserve affordable housing at risk of being sold.
Marie Rose Place, Winnipeg, MB: NMF supported non-profit UWCRC 2.0, a development partner of the University of Winnipeg, with $1.1 million to preserve this 40-unit community that provides rent-geared to income housing for newcomer women and their children. The acquisition was supported by federal funding and the Manitoba Housing and Renewal Corporation.
182 Jameson Ave, Toronto, ON: NMF provided a $2 million debt investment to its affiliated non-profit, New Commons Housing Trust (NCHT) to shift 82 units from private to non-profit ownership. The acquisition is supported by the City of Toronto's Multi-Unit Residential Acquisition (MURA) program – an initiative that transitions at-risk rental housing to permanently affordable non-profit rental housing.
Malpeque, Summerside, PE: New Market Funds provided $1 million in equity investment to Island Unity Land Co-operative, leveraging the Province of PEI's Community Housing Expansion Pilot (CHEP), to support the purchase of a 56-unit apartment complex that offers affordable rentals for the area's workforce.
As one of the largest pan-Canadian investors in non-market housing, NMF is committed to working with community partners to expand the scale of the non-profit and co-operative sector.
"We help non-profit partners build their capacity to navigate complex market acquisitions," says Garth Davis, a Managing Partner at NMF. "Our blended capital model maximizes the impact of public dollars by structuring efficient, scalable, and replicable deals."
Jeremy Read, CEO at UWCRC 2.0, says non-profits are unable to preserve affordable homes without such investments. "Our collaboration with New Market Funds was essential to our ability to acquire and protect 40 units of existing rent-geared-to-income housing," says Read. "Without this partnership, these deeply affordable rental homes would have been lost by the affordable housing sector."
"When governments leverage private capital, they're able to increase their impact," adds Davis. "We'd like to see this replicated so we can support an expansion of non-profit and co-op owned rental housing.
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