Latest news with #ApartmentConstructionLoanProgram
Cision Canada
5 days ago
- Business
- Cision Canada
Building 1,285 new homes in Toronto Français
TORONTO, July 15, 2025 /CNW/ - Solving Canada's housing crisis requires immediate action to bring down costs. To provide Canadians with increased access to affordable and sustainable housing, the government is supporting the construction of 1,285 new rental homes with an investment of over $650 million through the Apartment Construction Loan Program (ACLP). The announcement was made by Michael Coteau, Member of Parliament for Scarborough-Woburn, on behalf of the Honourable Gregor Roberston, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside Michael Thompson, Councillor for Scarborough Centre. The 1,285 rental units will be comprised of three 45, 35, and 41-storey residential towers, located at 25 Borough Drive, and will be developed by Oxford Properties Group, the global real estate arm of OMERS. The development will feature residential and retail space and will offer a broad unit mix of 51 studios, 693 one-bedrooms, 411 two-bedrooms and 130 three-bedroom units, including 23 townhomes for people from various economic backgrounds, age demographics, and family structures. The site is located close to Scarborough Town Centre Shopping mall and will be near Scarborough Centre TTC station, which include GO Transit, and the future Scarborough Subway Expansion. As we build a strong Canadian housing sector, purposeful collaboration will be essential. That means working hand-in-hand with our partners to bring down costs and build homes at a scale and speed not seen since the Second World War. Quotes: "Our government is committed to driving housing supply to bring down costs. This project will create more rental homes for people living and working in Scarborough and is an example of what's possible when we work together in partnership with the private sector. This is another step forward in our bold, ambitious plan to build Canada strong." – The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada "We are building more affordable homes to address the housing crisis. The project at 25 Borough Drive will create 1,285 new homes for Torontonians, including studios, one-bedroom, two-bedroom and three-bedroom apartments and townhomes. The City of Toronto is proud to support this project through the Rental Housing Supply Program. We are stronger together, working with the Government of Canada to create more affordable homes in Scarborough to meet the needs of our growing city."" – Olivia Chow, Mayor of Toronto "Oxford is a high-conviction investor in the living sector, and we're proud to leverage our strong development expertise in Canada to help address our nation's housing crisis. The ACLP loan allows us to accelerate our plan to intensify the lands at our Brimley site to deliver much-needed housing solutions in Scarborough. Our partnership with CMHC is a tremendous example of how a public-private solution can drive transformative, meaningful impact for communities." – Daniel Fournier, Executive Chair at Oxford Properties Quick Facts: The National Housing Strategy (NHS) is a 10+ year, $115+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed. As of March 2025, the federal government has committed $65.84 billion to support the creation of over 166,000 units and the repair of over 322,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence NHS is built on strong partnerships between the federal, provincial, and territorial governments, and continuous engagement with others, including municipalities, Indigenous governments and organizations, and the social and private housing sectors. This includes consultations with Canadians from all walks of life, and people with lived experience of housing need. All NHS investments delivered by the federal, provincial, and territorial governments will respect the key principles of NHS that support partnerships, people, and communities The $55 billion Apartment Loan Construction Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031 – 2032. The ACLP provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers. A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs. As of March 2025, CMHC has committed $23.35 billion in loans through ACLP to support the creation of more than 59,000 rental homes. It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum. It complements other NHS initiatives that focus on funding affordable housing units for lower-income households. Budget 2024 announced enhancements to the ACLP which includes the program being extended from 2027 – 2028 to 2031 – 2032. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors housing. There are no longer minimum requirements relating to energy efficiency and accessibility, instead applicants will benefit from making stronger commitments to desired rental supply and social outcomes. Funding provided for 25 Borough Drive is as follows: $650 million in fully repayable loans from the federal government, through the Apartment Construction Loan Program $2.5 million from City of Toronto's Rental Housing Supply Program Additional Information: Visit for the most-requested Government of Canada housing information. CMHC plays a critical role as a national facilitator to promote stability and sustainability in Canada's housing finance system. Our mortgage insurance products support access to homeownership and the creation and maintenance of rental supply. We also 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 cooperation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity, and climate compatibility. Follow us on X, YouTube, LinkedIn, Facebook and Instagram.
Cision Canada
5 days ago
- Business
- Cision Canada
Oxford breaks ground on $750 million rental development to deliver first major purpose-built housing project in Scarborough in over a generation
TORONTO, July 15, 2025 /CNW/ - Oxford Properties Group ("Oxford"), a leading global real estate investor, developer and manager, today broke ground on Scarborough's first major purpose-built rental ("PBR") development in over a generation. Situated on a 3.4-acre parcel of land on the west side of Oxford's Scarborough Town Centre shopping mall ("STC"), the development will consist of three residential towers made up of 1,285 purpose-built rental units, 268 of which are affordable, with the aim of delivering critically needed housing in a historically undersupplied area for people at a variety of different price points. The project is the largest single-phase rental development currently under construction in Toronto. In support of this transit-oriented rental development, Oxford, the global real estate arm of OMERS, is proud to announce it has secured a $650 million rental housing construction loan through Canada Mortgage and Housing Corporation's ("CMHC") Apartment Construction Loan Program ("ACLP"). This represents the largest single loan issued out of Toronto that CMHC has approved and committed to through the ACLP. The financing provided by CMHC allows Oxford to accelerate its plan to intensify the lands around STC to help address the housing crisis faced by the City of Toronto by adding a significant source of new purpose-built rental supply, as well as a substantial delivery of affordable units, into the Scarborough community. "Breaking ground on this development is a true milestone for Oxford as we look to use our proven development expertise to deliver much-needed housing solutions for the people of Scarborough, while sustainably intensifying transit-connected land to create mixed-use communities of the future," said Daniel Fournier, Executive Chair at Oxford Properties. "This generational project signifies a model we hope to replicate across Canada in the years to come, and with CMHC as a funding partner, we're confident it will serve as a prime example of the power of public-private partnerships to work together to address the housing challenges in Canada's largest cities." "Our Government is committed to driving housing supply to bring housing costs down. This project will create more much-needed rental homes for the people living and working in Scarborough. It's an example of what's possible when government and the private sector work together. It's also another step forward in our bold, ambitious plan to build Canada strong." – The Honourable Gregor Robertson, Minister of Housing and Infrastructure "We are building more affordable homes to address the housing crisis. The project at 25 Borough Drive will create 1,285 new homes for Torontonians, including studios, one-bedroom, two-bedroom and three-bedroom apartments and townhomes. The City of Toronto is proud to support this project through the Rental Housing Supply Program. We are stronger together, working with the Government of Canada to create more affordable homes in Scarborough to meet the needs of our growing city." – Olivia Chow, Mayor of Toronto The 1,285 purpose-built rental homes, which will be named Alta, will feature three residential towers and sit atop two 7-storey podiums featuring both residential and retail space. Intentionally designed to accommodate a range of income levels, age groups, and family structures, Alta will offer a broad unit mix of 51 studios, 693 one-bedrooms, 411 two-bedrooms and 130 three-bedroom units, including 23 townhomes. The project will benefit from its close proximity to Scarborough Centre TTC station, which is also serviced by GO Transit, and the future Scarborough Subway Extension. The entire project is being designed to promote wellbeing and community building through the inclusion of extensive indoor and outdoor amenities. These include outdoor lounge areas, co-working spaces, a children's playroom, fitness facilities, and a new 22,000 square foot public park at the south end of the development. The completed project seeks to reduce its environmental impact by using a geothermal heating and cooling system that will reduce overall energy use by 55% and greenhouse gas emissions by 74%. "It is more important than ever that governments at all levels in Canada come together with the private sector to make bold choices that improve Canadian communities, and this project is the perfect example," said Blake Hutcheson, President and CEO of OMERS. "This development not only puts our members' dollars to work right here in Ontario, but it does so in a project that is being supported by federal funding which in turn will help maximize the Province and City of Toronto's substantial investment in rapid transit to Scarborough. It will help deliver returns for our members, while also improving housing choice in a community that so many of them proudly call home and serve." Alta marks the first development within Oxford's recently approved master plan for STC. The multi-decade plan envisions over 10,000 residential units built across 89 developable acres to support Scarborough in its evolution and growth as an urban hub, while optimizing STC's relationship to the new transit station. This master plan builds on Oxford's continued conviction to create premier mixed-use communities across Canada. This development is part of a series of recent major investments made by Oxford in Canada, where it has announced almost $2 billion of activity in the past six weeks, including an acquisition of a seven-asset Western Canada office portfolio, and a redevelopment of two office towers at Canada Square in Midtown Toronto. Construction on Alta is expected to be completed by Summer 2029. About Oxford Properties Group Oxford Properties Group ("Oxford") is a leading global real estate investor, developer and manager. Established in 1960, Oxford and its portfolio companies manage approximately C$80 billion of assets across four continents on behalf of their investment partners. Oxford's owned portfolio encompasses logistics, office, retail, multifamily residential, life sciences, credit and hotels in global gateway cities and high-growth hubs. A thematic investor with a committed source of capital, Oxford invests in properties, portfolios, development sites, debt, securities and real estate businesses across the risk-reward spectrum. Together with its portfolio companies, Oxford is one of the world's most active developers with 30 projects currently underway globally across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees. For more information on Oxford, visit
Cision Canada
08-07-2025
- Business
- Cision Canada
CMHC releases update on Canada's largest rental markets Français
OTTAWA, ON, July 8, 2025 /CNW/ - In Q1 2025, advertised rents in Canada's largest rental markets declined due to increased supply, while rents for occupied dwellings rose at a slower pace compared to the same period one year earlier. This according to a new report from Canada Mortgage and Housing Corporation (CMHC) which provides an update on rental market conditions in the Vancouver, Edmonton, Calgary, Toronto, Ottawa, Montréal, and Halifax Census Metropolitan Areas (CMAs). In addition to increased rental supply, demographic trends such as slower international migration and sluggish job markets are contributing to recent declines in advertised rents. In Calgary, Toronto, Vancouver, and Halifax, advertised rents declined between 2% to 8% year-over-year, while Edmonton, Ottawa, and Montréal continue to see an annual increase in the average advertised rent, but at a slower pace. Rental supply growth has been driven by support from the Apartment Construction Loan Program (ACLP) and CMHC's multi-unit mortgage loan insurance products. In 2024, 88% of rental apartment starts received financing or insurance from these programs and products.
Cision Canada
20-06-2025
- Business
- Cision Canada
CMHC Releases Annual Report for 2024 Français
OTTAWA, ON, June 20, 2025 /CNW/ - Canada Mortgage and Housing Corporation (CMHC) today released its 2024 Annual Report demonstrating that Canadians can continue to count on CMHC as a stabilizing economic entity with a key role in bringing about housing solutions and hundreds of thousands of additional homes for Canadians. Despite challenging economic conditions, CMHC continued to deliver results in 2024 as demand for its commercial products surged. Demand for CMHC's multi-unit mortgage loan insurance products remained strong throughout 2024, supporting more than 283,000 housing units, an increase of 28.7% over 2023. Of those, 43 percent were new construction, an increase of 38% over 2023. CMHC saw continued strong uptake of its MLI Select mortgage loan insurance product which incentivizes developers to build more affordable rental units. The Corporation also saw an increase in its mortgage funding products which provide liquidity for mortgage lenders to support Canadians' access to mortgage financing. Its homeowner mortgage insurance helped Canadians buy more than 49,000 housing units across Canada. Through its commercial activities and the Government programs CMHC delivers, it helped create, repair and assist more than 500,000 homes in 2024. More than 118,000 of those homes are for Canadians in core housing need, and close to 300,000 units are in markets facing the greatest rental shortages. That's an increase of 40,000 units over 2023, exceeding its target by four percent. Of the units supported by CMHC in 2024, 48% are climate compatible, surpassing both its 25 percent target and 2023 results. The Corporation exceeded targets in delivering several federal housing programs, including the Apartment Construction Loan Program and the Affordable Housing Fund, which help builders get financing to build, repair or renew much-needed rental homes. Quote(s): "In 2024, CMHC demonstrated yet again that it can stay agile and remained the stabilizing force in turbulent times. CMHC's solid three-pronged approach spurs solutions to challenges across the housing landscape: commercial products, delivery of housing programs and unbiased housing research are all making a difference. It is working diligently with its many partners, including developers and builders, lenders, non-profit organizations and all levels of government toward a shared vision of a Canada where everyone has a home that they can afford and that meets their needs." — Coleen Volk, CMHC's President and Chief Executive Officer "CMHC continues to demonstrate it is an organization Canadians can count on, even in the most challenging economic times. In addition to incentivizing much needed housing supply and helping more Canadians buy homes. CMHC will continue to manage its commercial business as well as the public resources entrusted to it prudently for the benefit of all Canadians. – Michel Tremblay, Chief Financial Officer and Senior Vice-President, Corporate Services Highlights from CMHC Annual Report, as of December 31, 2024: Consolidated income before income taxes increased by $238 million, a 14% increase compared to 2023. This was due to several factors, such as increased investment income, and offset by other factors including higher operating expenses for higher multi-unit insurance volumes. At the end of 2024, CMHC's total insurance in force stood at $440 billion, representing an increase of $26 billion compared to is largely due to growth in multi-unit insurance, partially offset by decreases in homeowner insurance and portfolio insurance. CMHC provided guarantees for nearly $165 billion in National Housing Act mortgage-backed securities and $60 billion in Canada Mortgage Bonds, up 9% and 33.3% respectively, over 2023. In 2024, CMHC implemented Government reforms to mortgage rules to make mortgages more affordable for Canadians: increasing the $1 million price cap for insured mortgages to $1.5 million; and allowing 30-year mortgage amortizations for all buyers of new builds. CMHC expects to see further uptake in 2025. CMHC has suspended dividends to conserve capital in response to regulatory capital changes from the Office of the Superintendent of Financial Institutions taking effect January 1, 2026, and to respond to significant demand for multi-unit insurance products. Cumulative housing program highlights to December 31, 2024: More than $21 billion in loans committed through the Apartment Construction Loan Program to help build more than 56,000 new purpose-built rental units. Close to $11 billion committed through the Affordable Housing Fund to help create close to 42,000 new affordable units and repair more than 168,000 community housing units. More than $2.3 billion for close to 100,000 loans committed through the Canada Greener Homes Loan Program, delivered in partnership with Natural Resources Canada. About 77 percent of applicants have completed their retrofits and received final loan funding. Signed agreements with 215 municipalities under the Housing Accelerator Fund including commitments of more than $4 billion over four years that are expected to create more than 114,000 additional housing units. Delivered the new Co-op Housing Development Program, which will strengthen this integral part of the affordable housing space. The CMHC Annual Public Meeting is available to watch on the CMHC web site. CMHC plays a critical role as a national convenor to promote stability and sustainability in Canada's housing finance system. Its mortgage insurance products support access to home ownership and the creation and maintenance of rental supply. CMHC research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, it contributes to advancing housing affordability, equity, and climate compatibility. CMHC actively supports the Government of Canada in delivering on its commitment to make housing more affordable.
Toronto Star
02-06-2025
- Business
- Toronto Star
Marit Stiles: How governments can get back to building affordable housing
At this pivotal moment for our country, Canadians are looking for leadership that is focused, collaborative and ready to meet the moment. And there's no clearer test of that leadership than the housing crisis. Families across this country are struggling with rising rents, impossible mortgages and an uncertain future. But we have a chance to turn things around. To build not just homes, but stability, opportunity and hope. I was glad to see Prime Minister Mark Carney signal a stronger federal role in building housing with his proposal to get the government back in the business of building homes. It's a shift in the right direction and it aligns with what we've been calling for in Ontario. The prime minister's 'Build Canada Homes' proposal mirrors what we've long called for as Ontario's official opposition: 'Homes Ontario' — a public agency with a clear mandate to finance, build and deliver hundreds of thousands of permanently affordable homes. Built on public land. Built at scale. Built with non-profit, co-op and supportive housing partners at the table from day one. Ontario has had multiple opportunities to move from proposal to action. We've brought our Homes Ontario plan to a vote time and time again. Just last week, it was voted down once again, not only by the PC government, but by the Ontario Liberals as well. But we're not giving up. With political will and real partnership, we can still treat housing the way we treat other essential infrastructure: as a public good, built to last. If every level of government steps up, we have a real opportunity to finally build the range of deeply affordable homes people need and to do it at the scale this crisis demands. Right now, most federal housing dollars are flowing to private developers with very few conditions attached. The $55 billion Apartment Construction Loan Program, for example, provides low-interest loans to build rental units, but just 20 per cent need to meet affordability criteria and only for a decade. In Ontario, those units are exempt from rent control. That's a massive public investment with almost no lasting public benefit. What if that same funding went to non-profits and co-ops? These are organizations whose mission is to deliver affordability, not extract profit. They're ready to build. They just need the backing to do it. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW In Toronto, Mayor Olivia Chow has a plan to build 20,000 new, nonmarket rentals. Across Ontario, there are shovel-ready co-op and community housing projects waiting for support. A serious federal-provincial partnership could unlock all of it, and create a generation of permanently affordable homes. But we can't keep doing this piecemeal. We need to work together, across governments and across party lines, to scale up housing that people can actually afford. And we have to confront the bigger picture: the financialization of housing is undermining our ability to build homes people can afford. We saw it clearly when the Ford government scrapped affordable housing rules in Toronto after pressure from corporate landlords. That one decision could mean the loss of thousands of affordable units and it shows just how urgently we need a new approach. That means: Rapidly scale nonmarket and deeply affordable housing. Unlock and mobilize public land for housing construction. Ensure investments create good union jobs and build industrial capacity. Streamline timelines, remove barriers and build the infrastructure our communities need. We've seen what happens when governments step back from housing. Now it's time to step back in with urgency, with clarity and with a plan that puts people first. Let's build the kind of housing system that delivers real affordability, economic stability, and security for the next generation. It's possible. And it's long overdue.
