One project, known as Park City Commons – Building PQ at 150 Transcona, was completed November 1. The low-rise contains 177 units comprising studio, one-, two- and three-bedroom suites. (The feds periodically fund long-term mortgages after developers initially finance projects through construction loans.)
The other project, located at 347 Oakdale Drive, will comprise 270 seniors apartments across three buildings. The Residences of Oakdale will include a 55-plus active living centre in one building. Construction began in May 2023 and is slated to conclude in 2025.
RCFi loans are provided through the Canada Mortgage and Housing Corporation as part of the federal government’s $82-billion national housing strategy. The feds recently invested $925 million of RCFi funds in 20 Montreal rental-housing projects.
Ottawa is also providing about $500 million in newly announced RCFi loans for several projects comprising approximately 1,400 purpose-built rental homes in suburban Vancouver.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.