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Quebec  + Alberta & Prairies + Canada + Ontario + Pacific Canada  + Multi-residential Housing  | 
Corporation Mainbourg has acquired 720 affordable housing units in Montreal for $120 million.

Mainbourg Acquires 720 Affordable Housing Units for $120M

Corporation Mainbourg has acquired 720 affordable housing units in Montreal for $120 million.

The units are located within Domaine La Rousselière, an eight-building complex in the Pointe-aux-Trembles district in east Montreal. The seller was not identified in a news release on the deal.

But CBC reported that Domaine La Rousselière was previously owned by a group of Ontario investors.

Mainbourg is a Montreal-based social housing developer, owner and manager. The company received funding help from the Quebec government ($20 million) and City of Montreal ($15.8 million). Desjardins provided a $75-million loan guaranteed by the Canada Mortgage and Housing Corporation’s APH Select program (known as MLI Select outside of Quebec.)

The Chagnon Foundation, an anti-poverty group, kicked in $5 million. Meanwhile, New Market Funds, a Vancouver-based company that provides financial support for community-benefits projects, furnished $4.7 million.

The acquisition comes as opponents want the City of Montreal to scrap its two-year-old housing bylaw. No new social, affordable and family housing units have been built since the bylaw took effect.

Developers blame high affordable-housing construction costs.

Photo: Greenwin


Inside The Story

Corporation MainbourgCMHC

About Monte Stewart

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.

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