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Posted Sep 25, 2023, 7:32 PM
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Join Date: Mar 2012
Posts: 29,160
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Cross-post.
According to Cobalt on Rail Fans Canada Discord, we're 166 units short of the 1,010 announced in Ottawa. is there another approved Dream project we don't know about, or one that they haven't officially announced themselves as a partner (Windmill or Theia)?
Or is there any other residential project on the Quebec side of Zibi that has been approved? It's not inconceivable that they lump Gatineau as part of their "Ottawa" projects.
Quote:
Originally Posted by SL123
Dream Unlimited Corp. Announces Plans to Develop 5,000 Purpose-built Rental Suites Across Canada, After Federal Government Tables New GST Legislation
Quote:
TORONTO, Sept. 25, 2023 (GLOBE NEWSWIRE) -- After new legislation related to GST exemptions was tabled in Parliament on Thursday, September 21, 2023, along with anticipated provincial announcements on tax waivers and average interest rates seen this year, Dream Unlimited Corp. (TSX: DRM) (“Dream”) has announced plans to deliver 5,000 new purpose-built rental units in urban centres across Canada. These government announcements establish a newfound ability for the entire development industry ecosystem to partner with all levels of government, not-for-profit and private sector organizations to collectively address the affordability crisis by increasing the amount of market and affordable rental units available to Canadians.
On September 14, 2023, the Prime Minister announced that GST would be removed on the construction of new apartment buildings, to encourage construction of needed housing. That effort was moved forward Thursday when the new legislation was tabled.
“With Thursday’s introduction of new legislation formalizing the removal of GST, Dream is positioned to move forward on 5,000 net new purpose-built rental apartment units in Ottawa, Saskatoon, Calgary and Toronto collectively,” says Michael J. Cooper, President and Chief Responsible Officer, Dream Unlimited. “This legislation is a game changer for the development industry, and more importantly for Canadians. The housing crisis has impacted every urban centre from coast to coast. What this legislation unlocks is our ability to get shovels into the ground quickly at a time when it’s never been more critical to build new homes.”
Each of the sites identified by Dream currently have approvals in place.
In the next 6 months, Dream can advance its shovel ready projects, which includes 1,350 units. In Ottawa, Dream will be advancing 1,010 units of which 43 per cent – equivalent to 438 units – will be dedicated as affordable. Rents for the Ottawa units will range from 59 per cent of median market rent to market rents, contributing to 7 per cent of the city’s targeted annual construction starts of 15,000 units. In addition, Dream will bring 340 units in Saskatoon. By 2025, Dream will be able to advance another 3,700 units across Ottawa, Toronto, Calgary, and Saskatoon.
The substantial progress in Ottawa is largely due to a unique partnership between Dream and the Multifaith Housing Initiative of Ottawa (MHI), a Canadian non-profit charitable organization founded in 2002 that is a coalition of 80 faith communities. As a result of the partnership, both organizations are able to deliver an integrated rental community that will include affordable housing, transit connectivity and unprecedented sustainability targets. Located on the Library Parcel of LeBreton Flats, the development is an innovative, net-zero, mixed-income community that includes 608 rental units, 41 per cent of which will be dedicated as affordable. Dream and MHI will also develop integrated programs and support systems, creating a sense of belonging, fostering wellbeing and paving the path for upward mobility for all residents in a sustainable, inclusive community in a transit-oriented development.
“Multifaith Housing Initiative strongly supports the legislation tabled by the federal government on Thursday to eliminate the GST from new purpose-built rentals and encourages all provincial governments to proceed with the exemption of the PST. The elimination of GST/PST will allow projects and innovative partnerships between private and non-profit sector, like the one at LeBreton Flats between Dream and Multifaith Housing Initiative to proceed and produce a much needed 608 units of purpose-built rental of which 41% or 250 units will be affordable ranging from 59% of median market rent to market units, with affordability tenure in excess of 55+ years and will be net zero. These partnerships are essential to scale the delivery of affordable housing and to strengthen capacity in the non-profit sector in our country. We welcome the government’s initiative and continue committed to working with governments and private-sector to deliver safe, clean and affordable housing for Canadians,” says Suzanne Le, Executive Director, Multifaith Housing Initiative.
With the recent GST waiver announcement and cooperation with government partners, Dream and MHI, other developers, investors and not-for-profits can maximize the volume of market rent and affordable housing available to those in need and create enhanced benefits to future residents. The successful partnership between private sector developers, non-profit organizations and governments represents an innovative model that can be replicated and allow for the creation of new affordable units all over Canada. While the GST waiver is a substantial step, all participants and all levels of government will benefit by continuing to join forces to advance this critical mission that will create substantial new housing and create meaningful opportunities for community-building and social impact for Canadians across the country.
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https://www.globenewswire.com/news-release/2023/09/25/2748929/0/en/Dream-Unlimited-Corp-Announces-Plans-to-Develop-5-000-Purpose-built-Rental-Suites-Across-Canada-After-Federal-Government-Tables-New-GST-Legislation.html#:~:text=%E2%80%9CWith%20Thursday's%20introduction%20of%20new,Chief%20Responsible%20Officer%2C%20Dream%20Unlimited
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