The federal and Quebec governments have announced a new 90-unit affordable housing project in Montreal, a market that is seeing a growing need for more student housing.
“Post-secondary students in Québec will soon have new affordable housing options thanks to a new funding model dedicated to creating affordable rental units specifically for students,” the governments stated.
“This innovative financing model allows student unions and similar organizations to more easily obtain equity and acquire additional funds to develop affordable rental housing projects. This is a first in Canada. Further, this financing model allows the construction of student housing at little to no risk for universities and colleges.”
The Woodnote Co-operative is the first of the new developments to be created through this model. As much as $3 million will be invested for the creation of over 160 affordable rental units in up to three buildings.
Montreal – which plays host to two of Canada’s leading universities and a flourishing AI research scene – will most likely see accelerated development in the near future, brought about by strong commercial market activity driven by tech firms seeking even more space.
“[R&D is] encouraging the development of new purpose-built rentals to meet the growing demand. Rental rent growth will remain robust this year despite a new delivery high for the current cycle, drawing more investment capital to the apartment sector,” according to a study by Marcus & Millichap released in mid-March.