SAULT STE. MARIE, ON, May 24, 2024 /CNW/ – A solid and reliable supply of rental housing is critical to ensuring that more Canadians have access to housing that meets their needs. Today, the federal government announced over $25 million to build 108 rental homes in Sault Ste. Marie. The funding will come as a fully repayable low-interest loan through the Apartment Construction Loan Program.

Located downtown at 110 Pim Street, the six-storey building will have 108 rental apartments for middle-class families and individuals.

It will be completed by the spring of 2025.

Canada’s construction of rental homes has not kept pace with the country’s growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the Apartment Construction Loan Program to help build more rentals across the country.


“We are boosting housing supply; this is why we are making strategic investments through programs like the Apartment Construction Loan Program to build much needed rental units in Sault Ste. Marie and across the country. All Canadians deserve a safe and affordable place to call home, and our government is ensuring this becomes a reality for more Canadians.”  Terry Sheehan, Member of Parliament for Sault Ste. Marie, on behalf of the Honorable Sean Fraser, Minister of Housing, Infrastructure and Communities

“The effects of having an affordable, safe and comfortable place to live are profound and capable of transforming communities. The municipality is committed to doing everything we can to increase the local housing stock, and I’m grateful for support from the Government of Canada.”– Matthew Shoemaker, Mayor of Sault Ste. Marie

One Ten Pim reflects the ongoing growth in Sault Ste. Marie and brings much needed residential spaces to the downtown core. This community will benefit from the addition of these modern apartments.”Steve Perzia, Owner, The Perzia Group Ltd.

Quick facts:

  • As of December 31, 2023, the federal government has committed over $42.99 billion to support the creation of almost 135,000 units and the repair of over 270,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
  • The Apartment Construction Loan Program is part of the Government of Canada’s National Housing Strategy (NHS), an $82+ billion plan to give more Canadians a place to call home.
  • The Apartment Construction Loan Program provides fully repayable low-interest loans to encourage the construction of more rental homes for middle class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
    • It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the country.
    • It complements other NHS initiatives that focus on funding affordable homes for lower-income households.
    • Through the program, the federal government is encouraging the construction of more than 71,000 rental homes.
    • A stable supply of rental homes is essential for more people in Canada to have access to housing that meets their needs.

Related links:

  • Visit canada.ca/housing for the most requested Government of Canada housing information.
  • As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
  • Progress on programs and initiatives are updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.

SOURCE Canada Mortgage and Housing Corporation (CMHC)

For further information: Information on this news release, Micaal Ahmed, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]

Read more at www.newswire.ca

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