WHISTLER, BC, Oct. 13, 2023 /CNW/ – Today, the Government of Canada announced nearly $90 million to build 238 purpose-built rental homes across four projects for residents living in Whistler, Squamish and Bowen Island. The funding is provided as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).
The announcement took place at 1315 Cloudburst Drive, a four-storey apartment building with 22 studio units and 36 two-bedroom units that was completed in April, 2023 and is already providing homes to Whistler residents. The building includes underground and surface parking, sport equipment storage, bike racks and shared laundry facilities. Each unit also has a private balcony and ground floor units have private patios.
Canada’s construction of rental homes has not kept pace with the country’s growing cities and population, leading to a decline in the existing and aging rental stock for decades. To help address this issue, the Government of Canada introduced the RCFi to stimulate the construction of rental housing across the country. Increasing the overall supply of rental housing in the country is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home. The Government of Canada recognizes that purpose-built rental housing is an important component of the housing market, and increased supply of rental homes is needed to meet the growing demand for rental housing.
“Programs like the Rental Construction Financing Initiative, are incentivizing the development of much-needed rental units, including these 238 homes in Whistler, Squamish and Bowen Island. Investments like these will help to increase the supply of housing, and our Government will continue to make strategic investments so that all Canadians have a safe place they are proud to call home.” – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
“The Government of Canada is committed to working with communities to meet the challenge of building affordable housing. Through RCFi, our government is increasing the supply of new and affordable rental units by investing $89.5 million to build a total of 238 units in Whistler, Squamish and on Bowen Island. These energy efficient and accessible homes will benefit low and middle-income individuals and families, making our communities more inclusive and equitable.” – Patrick Weiler, Member of Parliament for West Vancouver– Sunshine Coast-Sea to Sky Country
“Whistler has long recognized the importance of community support for housing our workforce locally. Now, more than ever, we see the housing crisis all around us in every community in BC. This new build marks another step towards our community’s commitment to this endeavor as well as our climate goals,”– Jen Ford, Councillor for Resort Municipality of Whistler and Whistler Housing Authority Board Chair
“This project has benefitted many in our community. Not only have we been able to accommodate approximately 60 Whistler Sport Legacies colleagues. We have been able to work with the Resort Municipality of Whistler to increase the density of the project and to designate the additional units to essential workforce needed in the resort. Without the attractive CMCH loan, we would have not been able to fund this project or keep the rents at a reasonable and affordable level. – Roger Soane, CEO Whistler Sport Legacies Society
Funding details for the four projects include:
- $19.8 million RCFi for 58 units at 1315 Cloudburst Dr, Whistler; $8.7 million from Whistler 2010 Sport Legacies Society.
- $15.2 million RCFi for 48 units at 1450 Mount Fee Road, Whistler; $1.5 million from the Resort Municipality of Whistler and $3 million from Whistler Housing Authority.
- $45.7 million RCFi for 105 units at 38115 Laurelwood Rd, Squamish; $15.8 million from Bosa Properties
- $8.75 million RCFi and $30,000 Seed funding for 27 units at 510 Bowen Island Truck Rd, Bowen Island; $383,800 from Bandon Holdings Ltd.
- The Government of Canada’s National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82 billion to give more Canadians a place to call home.
- The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
- RCFi is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
- RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
- Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
- A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
- Visit Canada.ca/housing for the most requested Government of Canada housing information.
- 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. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
- To find out more about the National Housing Strategy, visit: www.placetocallhome.ca
- Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.
SOURCE Canada Mortgage and Housing Corporation (CMHC)
Featured image: Megapixl © Sarawutnirothon
