Ontario invests $5M to boost Kitchener rental housing market - Action News
Home WebMail Monday, November 11, 2024, 07:09 AM | Calgary | -1.6°C | Regions Advertise Login | Our platform is in maintenance mode. Some URLs may not be available. |
Kitchener-Waterloo

Ontario invests $5M to boost Kitchener rental housing market

The Ontario government announced Friday it would give $5 million to the City of Kitchener to encourage more rental housing.

Money to be used for rebates on new rental developments within city

A construction worker walks atop a wood frame for a building.
Money from the Ontario government will go towards rebates for developers. (Gregory Bull/The Associated Press)

The Ontario government announced Friday it would give $5 million to the City of Kitchener to encourage more rental housing.

According to a press release, the city canuse the money "to provide development charge rebates" to developers who want to build "more high-rise, mid-rise and townhouse rental housing."

Twelve other Ontario municipalities will receive similarfunding over the next five years. The three cities slated to receive the most money are Toronto, Ottawa and Mississauga.

"Adequate and appropriate rentals have become increasingly hard to find and afford in a number of Ontario communities," said Peter Milczyn, Ontario's Minister of Housing, in the press release.

"This rebate program will stimulate the creation of new rental housing to help make it easier for families and individuals to find the housing they need."