Jan 17, 2020
A Step Forward in Affordable Housing at the Mirvish Village Development Project
Photography by Paul Casselman Photography Inc.
Yesterday, at the Mirvish Village Development project, 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 $200 million for the construction of six rental residential buildings with 916 rental units at Mirvish Village, a mixed-use 100% rental community.
The project will receive financing through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC, which supports rental housing construction projects to assist in providing a stable supply of rental housing for middle-class families living in expensive housing markets.
“The funding for Mirvish Village marks a meaningful change for the city of Toronto,” says Steven Ferrante, Director, Residential Sector, EllisDon. “Addressing the housing challenges Torontonians are currently facing with support from the Government of Canada is a significant step toward improving the lives of Canadians and ensuring they have affordable access to their needs. We are proud to work alongside Westbank to help build this community while preserving its heritage.”
With these investments by the Government of Canada and the City of Toronto, residents of Toronto will benefit from a significant increase in supply of rental housing, and have better access to safer, and more affordable homes.
The Mirvish Village Development project includes 916 rental units. Of those, 366 units will be provided to rent at below 30% of median household income. 100 of the 366 affordable units will be secured at 80% of Average Market Rent for the City of Toronto, as published by CMHC.
The quality and design of the rental units will be consistent throughout all rentals. Location of affordable units will also be scattered throughout the project.
EllisDon began construction on the project in 2017 with completion slated for 2021.