Making more rental housing available for families in Newmarket

Corporateknights.com
August 5, 2020

Every Canadian deserves a place to call home. Thanks to investments made by the Government of Canada, residents of Newmarket will soon have access to more stable rental housing options that are affordable to the middle-class, and those working hard to join it.

Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC) announced that the federal government is financing $79 million to help construct 216 residential units located at 195 Deerfield Road in Newmarket.

This project by The Rose Corporation is receiving financing through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by Canada Mortgage and Housing Corporation (CMHC) that supports rental housing construction projects. The program encourages a stable supply of rental housing for middle-class families in expensive housing markets and those families working hard to join them.

With 195 Deerfield, The Rose Corporation is continuing to build on its success in delivering 212 Davis Apartments, the first new privately funded purpose-built rental apartment tower in Newmarket since the mid 1980s. Part of the company's mission is to provide diverse and attainable housing options.

Quotes

"Current events remind us that nothing is more important than a home. Canada's middle-class and those working hard to join them will benefit from the construction of new rental housing. Through new investments, we are taking action to increase the supply of new rental developments, providing housing options that are closer to jobs, services and amenities families need." -- The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for CMHC

"I am pleased to see our government partnering with the Rose Corporation to deliver this significant investment for much needed housing options in Newmarket. We know housing is a foundation to build better lives and share in the prosperity of our community. This $79,000,000. investment, will provide 216 new housing units for hard working families of Newmarket-Aurora and a safe and affordable place to call home." -- Tony Van Bynen, Member of Parliament for Newmarket-Aurora

"York Regional Council remains steadfast in its commitment to identify and develop innovative long-term solutions for increasing housing options for all York Region residents. York Region is a place people are proud to call home. Success in creating a diverse housing market depends on collective engagement and sustained investment from a variety of stakeholders. On behalf of York Regional Council I thank the Government of Canada and the Rose Corporation for opening the door to more housing in York Region." -- Wayne Emmerson, Chairman and CEO, The Regional Municipality of York

"As housing prices in the GTA continue to increase the demand for rental housing accommodation is continuing to escalate. I believe strongly that the economic success of any community relies on the provision of a variety of housing options and in particular rental housing options. Those communities who are not actively pursuing partnerships to advance purpose-built rental projects are, in my opinion, falling behind. The Town of Newmarket deeply appreciates the partnership that the Government of Canada and The Rose Corporation bring to this project and to our Town. Together we are laying the groundwork for a stronger economy and a stronger community." -- John Taylor, Mayor, Town of Newmarket

"As city builders, we have a corporate social responsibility to help create more attainable rental and ownership housing alternatives within the communities in which we build. We firmly believe that a healthy community is an essential tool in building a thriving corridor. By embracing public-private partnerships, The Rose Corporation's collaboration with all levels of government - York Region, the Town of Newmarket and the federal government (CMHC) has allowed us to successfully help fill a desperate need for more affordable housing options in Newmarket." -- Daniel Berholz, President, The Rose Corporation

Quick Facts

• The development involves the construction of a 15-storey building with 216 residential units, ranging from 1-bedroom units to 3-bedroom ground-oriented and tower units. This will be the initial phase of a 4.4-acre master-planned community consisting of three towers rising above a landscaped courtyard.
• Construction commenced in March 2020, and substantial completion is expected in early 2023.
• Amenity spaces include a communal 20,000 square foot park with a playground, a kids zone, fitness centre and yoga studio
• The development has easy access to the VIVA bus rapid transit, bicycle parking for all residents and direct access to biking and walking trails
• Designed to meet LEED Silver requirements, the building has also invested significantly into electric vehicle charging stations
• At least 30 units will meet the municipal accessibility requirements, and will include units with universal and adaptable design.
• About 20% of Newmarket residents rely on the rental market for housing
• This development represents a new supply of purpose-built rental housing in Newmarket, where the vacancy rate was 2.0% as of Oct. 2019, a decrease from 2.4% in Oct. 2018
• The RCFi, a National Housing Strategy (NHS) initiative delivered by CMHC, supports rental housing construction projects to encourage a stable supply of rental housing across the country for middle-class households struggling in expensive housing markets.
• Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the Government increased the amount of low-cost loans provided by this initiative from $2.5 billion to $3.75 billion and further increased to $13.75 billion with budget 2019. In total, the RCFi will encourage the construction of 42,500 new rental housing units across Canada.
• Low-cost loans are available to borrowers who want to build purpose-built rental housing in Canada in response to demonstrated community need.
• The rental market is an important housing option for approximately 30% of Canadians.
• Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.