Latest news with #CMHC
Yahoo
2 hours ago
- Business
- Yahoo
Oxford begins work on $547m rental housing project in Scarborough
Oxford Properties Group has commenced construction on a C$750m ($547m) rental housing project in Scarborough, Canada, marking the area's first major purpose-built development in several decades. The project, named Alta, is set on a 3.4-acre site adjacent to Oxford's Scarborough Town Centre shopping centre. Expected to be completed by mid-2029, the Alta project will feature 1,285 rental units, including 268 affordable units. According to Oxford, this initiative aims to address Scarborough's longstanding housing shortage by providing diverse housing options. Oxford is the global real-estate division of Ontario Municipal Employees Retirement System, a Canadian public pension plan. The Canada Mortgage and Housing Corporation (CMHC) is supporting the project by granting Oxford a C$650m loan through its Apartment Construction Loan Program. This represents the largest single loan approved by CMHC in Toronto, enabling Oxford to expedite its development plans and contribute significantly to alleviating the city's housing crisis. Oxford executive chair Daniel Fournier said: "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. "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." Alta will comprise three residential towers built on two seven-storey podiums, incorporating both residential and retail space. The development will offer a variety of unit types, including studios, one-bedroom, two-bedroom, and three-bedroom apartments, alongside 23 townhomes. Its location is near the Scarborough Centre Toronto Transit Commission station and the forthcoming Scarborough Subway Extension. Designed with community and environmental considerations in mind, the project includes features such as co-working spaces, outdoor lounge areas, a children's playroom, fitness facilities, and a new public park. A geothermal heating and cooling system is planned to reduce energy consumption by 55% and greenhouse gas emissions by 74%. Alta is the inaugural development within Oxford's master plan for the Scarborough Town Centre area. The long-term vision outlines over 10,000 residential units across 89 acres to transform Scarborough into a thriving urban centre while leveraging new transit infrastructure. This rental housing project is among Oxford's recent investment activities in Canada, totalling nearly C$2bn within six weeks. These include acquiring a Western Canada office portfolio and redeveloping office towers at Canada Square in Toronto. "Oxford begins work on $547m rental housing project in Scarborough" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
11 hours ago
- Business
- Reuters
Canadian housing starts post surprise 0.4% rise in June
July 16 (Reuters) - Canadian housing starts posted a surprise increase in June, rising 0.4% from May, data from the national housing agency showed on Wednesday. The seasonally adjusted annualized rate of housing starts rose to 283,734 units from a revised 282,705 units in May, the Canadian Mortgage and Housing Corporation (CMHC) said. Economists had expected starts to fall to 259,000. (This story has been corrected to revise the units figure in May in paragraph 2)
CTV News
12 hours ago
- Business
- CTV News
Annual pace of housing starts in June up 0.4% from May: CMHC
Single family houses billed as estate cottages are seen under construction, in Delta, B.C., on Monday, Aug. 12, 2024. THE CANADIAN PRESS/Darryl Dyck OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in June edged up 0.4 per cent compared to May. The national housing agency says the seasonally adjusted annual rate of housing starts amounted to 283,734 units in June, up from 282,705 in May. The reading came as the annual rate of starts in cities with a population of 10,000 or greater was 261,705 units in June compared with 260,947 in May. The annual pace of rural starts was estimated at 22,029 units. CMHC says actual housing starts in centres with a population of 10,000 or greater amounted to 23,282 units in June, up 14 per cent from 20,509 in June last year. The six-month moving average of the seasonally adjusted annual rate starts across Canada rose 3.6 per cent in June to 253,081. This report by The Canadian Press was first published July 16, 2025. The Canadian Press
Yahoo
13 hours ago
- Business
- Yahoo
Annual pace of housing starts in June up 0.4 per cent from May: CMHC
OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in June edged up 0.4 per cent compared to May. The national housing agency says the seasonally adjusted annual rate of housing starts amounted to 283,734 units in June, up from 282,705 in May. The reading came as the annual rate of starts in cities with a population of 10,000 or greater was 261,705 units in June compared with 260,947 in May. The annual pace of rural starts was estimated at 22,029 units. CMHC says actual housing starts in centres with a population of 10,000 or greater amounted to 23,282 units in June, up 14 per cent from 20,509 in June last year. The six-month moving average of the seasonally adjusted annual rate starts across Canada rose 3.6 per cent in June to 253,081. This report by The Canadian Press was first published July 16, 2025. The Canadian Press Sign in to access your portfolio
Yahoo
13 hours ago
- Business
- Yahoo
Canadian housing starts post surprise 0.4% rise in June
(Corrects revised units figure in May in paragraph 2) (Reuters) -Canadian housing starts posted a surprise increase in June, rising 0.4% from May, data from the national housing agency showed on Wednesday. The seasonally adjusted annualized rate of housing starts rose to 283,734 units from a revised 282,705 units in May, the Canadian Mortgage and Housing Corporation (CMHC) said. Economists had expected starts to fall to 259,000. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
