- What The federal government is investing $245m in Ottawa apartment construction
- Why The money comes from an existing funding plan for housing development
- What next The funds will be issued through direct contributions and construction loans
The federal government has announced funding and loan allocations for apartment construction in Ottawa with the goal of building and repairing over 5,300 units.
The feds will distribute some $245m for various local development initiatives earmarked through the National Housing Strategy, a long-term plan for home building administered by the Canada Mortgage and Housing Corp.
As part of the investment, $13.3m will go to municipal agency Ottawa Community Housing for unit repairs.
Another $8.6m will be provided through a federal lands transfer program toward a City of Ottawa housing redevelopment plan. The investment is expected to fund the development of over 1,150 apartment units at 1010 Somerset Street.
The federal government will also issue $110m in construction loans toward 244 new rental apartments at 300 Mìwàte Private. The building is part of Zibi, a 34-acre mixed-use community from Dream Unlimited under construction along both sides of the Ottawa River.
Another $65m in loans will fund 139 office-to-residential conversion units at 360 Laurier Avenue West. At 70 Richmond Road, $49m in loans will go toward 103 new units.
In a recent update on the federal housing strategy, CMHC forecast that rental apartment construction will remain high before demand slows in 2027. However, the agency expects overall housing starts to slow down over the next two years as Canada faces increased economic uncertainty due to U.S. tariffs and reduced immigration.
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