Federal Government Invests $30 Million in Saint John Housing Development

The federal government has committed $30 million to support the construction of 79 rental housing units in Saint John, New Brunswick. This funding is part of the Apartment Construction Loan Program (ACLP), designed to provide low-interest loans aimed at increasing the availability of rental units for middle-class Canadians. The financial backing will facilitate the ongoing development of a residential building by the Fundy Harbour Group, located along the Saint John waterfront.

Investment in Local Housing and Revitalization

This project marks the first of five planned buildings that will offer both retail and residential spaces over the next decade. During an announcement on October 25, 2023, Wayne Long, the local Member of Parliament and Secretary of State for the Canada Revenue Agency and Financial Institutions, emphasized the importance of this development for the city’s revitalization. “We know Saint John needs apartments, and we know Saint John needs more housing,” he stated, noting that collaboration with the Fundy Harbour Group has been ongoing for the past several months.

The planned waterfront development aims to provide accessible housing options in the heart of uptown Saint John, strategically situated near employment opportunities, essential services, and public transit hubs. Fundy Harbour Group President Chris Elias expressed optimism about the project’s progress. He highlighted the productive summer conditions, which enabled significant advancement in construction, including pouring concrete and erecting structural steel. Elias anticipates that the building will be completed by December 2026.

Broader Context of Housing Initiatives

Elias also acknowledged that the federal funding, in conjunction with a reduction in the Harmonized Sales Tax (HST), has fostered confidence in the development environment for rental apartments. He believes that this initiative positions Saint John as a competitive player in the eastern seaboard’s waterfront real estate market.

The announcement in Saint John is part of a wider series of housing initiatives being rolled out across New Brunswick and Canada. Alongside the housing commitment, $7.4 million in combined funding was also announced for new water infrastructure in Tracadie, involving contributions from the provincial government, the federal government, and the municipality.

New Brunswick Housing Corporation Minister David Hickey commented on the recent announcements, suggesting they indicate progress in addressing the national housing crisis. “We can see the corner,” Hickey remarked, acknowledging the ongoing challenges related to housing affordability and homelessness. He reaffirmed the government’s vision for tackling these issues, aiming to enhance the housing supply and provide more options for residents.

The federal investment in Saint John represents a significant step towards addressing the housing needs in the area, showcasing a commitment to improving living conditions and supporting local development initiatives. As construction continues, the collaboration among various levels of government and private entities aims to foster a more vibrant and accessible community for all New Brunswickers.