Can your children expect to own a home in Canada in the next few years? What about in Oakville?
In an attempt to make housing more affordable in Canada, the federal government recently announced a $55.7 million investment to build 131 rental properties in Oakville.
Canada has faced significant challenges in keeping up with the demand for rental homes as cities and the population continue to grow exponentially each year with a lagging infrastructure.
This has resulted in a decrease in the availability of existing rental properties, which are also getting older.
To address this issue, the federal government introduced the Rental Construction Financing Initiative (RCFI), as a means to support the construction of more rental homes nationwide.
Yesterday, Thursday, Nov. 16, the federal government announced that the RCFI will provide a $55.7 million low-interest loan to build 131 "affordable purpose-built" rental homes in Oakville.
With that said, exact rent prices are yet to be disclosed.
Also on Nov. 16, a press conference was held at 2475 Old Bronte Road in Oakville, the site of one of the latest housing developments in town. The building will be an eight storey rental apartment building with 29 accessible homes.
At the conference, Pam Damoff and Anita Anand expressed their enthusiasm for the efforts to address the Oakville housing crisis.
Anita Anand said in her speech that rental homes "provide safe and stable homes for millions of Canadians, yet we’re just not building enough of them."
MP Pam Damoff seconded that saying "Too many Canadians are struggling to find somewhere to rent and to call home. The federal government is working to reverse this trend, and through programs like the Rental Construction Financing Initiative, we are incentivizing the development of much-needed rental units, including these 131 right here in my riding in Oakville."
"Investments like these will help to increase the supply of housing," she continued "and our government will continue to make strategic investments so that all Canadians have a safe place that they are proud to call home."
Burlington Ward 2 councillor Lisa Kearns followed up, "our investment will keep monthly rents at or below 80% of the Canadian mortgage and housing corporation’s median market rent in Oakville for a period of 30 years."
2475 Old Bronte is being built by One Urban, a private real estate developer who will be responsible for putting together all 131 rental homes in Oakville.
The company’s COO Nick Stillo is hoping for occupancy on Old Bronte to begin either April or early May 2024.