Struggling middle-class families in Winnipeg will be able to let out a breath of relief soon, with the CMHC’s announcement of the building and funding of nearly a hundred new rental units in Winnipeg.
Slated to arise on a former City of Winnipeg Public Works Yard, the 6-storey Park City Commons project will offer 95 units that will have rents at or lower than 30% of the region’s median household income.
“The [CMHC’s] RCFi was instrumental in allowing us to achieve our guiding principle for this development—to establish a living environment that addresses rent affordability, accessibility, inclusiveness and community-building by providing an area that promotes a comfortable and sustainable lifestyle,” EdgeCorp Developments president Keith Merkel said.
Read more: Condos reaching saturation point in Winnipeg
Winnipeg’s rental vacancy rate currently stands at 2.8%, making this National Housing Strategy initiative an especially important addition to the market, according to Jean-Yves Duclos, Minister responsible for the CMHC.
“This investment is wonderful news for the Winnipeg middle-income families that will move into these new affordable rental housing units. Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today,” Duclos stated.