Government of Canada Invests $8.5 Million in New Rental Housing Units in Peterborough, Ontario

Strategic Insights -

The Canadian government has announced an investment of $8.5 million in a new rental housing development in Peterborough, Ontario, as part of its efforts to increase the supply of affordable and stable rental housing options for middle-class families. The funding will support the construction of a three-storey, 27-unit rental building located at 888 Whitefield Drive in Peterborough.

The investment is part of the Government of Canada's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by Canada Mortgage and Housing Corporation (CMHC) that aims to encourage a stable supply of rental housing in expensive housing markets. The RCFi has been expanded by $12 billion over 7 years to support the construction of an additional 28,500 rental units.

The new rental building in Peterborough will meet the needs of local families, offering 1, 2, and 3-bedroom options in a family-oriented neighborhood. The building will feature high energy efficiency, barrier-free accessibility, and universal design to ensure that it is accessible to all members of the community.

Key Takeaways:

  • The Government of Canada has invested $8.5 million in a new rental housing development in Peterborough, Ontario, as part of its efforts to increase the supply of affordable and stable rental housing options.
  • The funding will support the construction of a three-storey, 27-unit rental building at 888 Whitefield Drive in Peterborough.
  • The investment is part of the Government of Canada's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC.
  • The RCFi has been expanded by $12 billion over 7 years to support the construction of an additional 28,500 rental units.
  • The new rental building in Peterborough will feature high energy efficiency, barrier-free accessibility, and universal design.

Statistics:

  • $8.5 million: the amount of funding invested by the Government of Canada in the new rental housing development.
  • 27: the number of rental units being constructed in the building.
  • 1, 2, and 3-bedroom: the options available in the rental units.
  • 10%: the minimum requirement for accessible units, which the project exceeds.
  • 3: the number of units with a universal design.
  • 16.6%: the decrease in energy intensity expected to be achieved by the building.
  • 18.5%: the decrease in greenhouse gas emissions expected to be achieved by the building.
  • July 2019: the month when construction commenced on the project.

Sources:

  • Canada Mortgage and Housing Corporation. (n.d.). Government of Canada Invests $8.5 Million in New Rental Housing Units in Peterborough, Ontario. Retrieved from
  • Government of Canada. (2020). Fall Economic Statement. Retrieved from