Construction is underway on 175 more purpose-built rental homes in Newmarket, thanks to support from multiple levels of government.
Dignitaries gathered at 200 Deerfield Rd. today, Aug. 10, for the announcement of $77 million in federal financing for the rental apartment building. Developer Rose Corporation will repay that amount as a low-interest loan that will enable the project to go ahead, as part of a new rental apartment community in the vicinity.
Newmarket-Aurora MP Tony Van Bynen said building more affordable rental units is fundamental to healthy communities.
“This project was possible thanks to partnership,” Van Bynen said. “It’s only by working together that we can create more housing supply for our communities.”
The project is the fourth phase of The Bakerfield community. The federal government similarly provided a financial loan to 195 Deerfield Rd, which provided 216 purpose-built rental units and has begun leasing.
The Rose Corporation has also built the first phase of the Bakerfield community at 212 Davis Dr., a purpose-built rental building with 225 units.
All that additional housing is significant, Newmarket Mayor John Taylor said, but he added that there is more to be done.
“The challenge is massive. We know we’re not doing enough,” Taylor said. “These are examples of the right thing and how to get going, but we have to sit down together and talk about how to exponentially grow this progress because we’re still not hitting the mark.”
The Rose Corporation president Daniel Berholz said the projects would not be possible without support from the government. The projects have also benefited from a deferral of development charges at the municipal level.
“The Rose Corporation is committed to creating attainable rental and ownership housing alternatives in the communities we build in,” Berholz said. “We are able to build housing options and add much needed new inventory, all made possible through the strength of this public-private collaboration.”
Asked about Prime Minister Justin Trudeau’s recent comments on housing not being a primary federal responsibility, Van Bynen said all levels of government have to find a way to work together and make progress.
The Bakerfield apartments are “a classic example of what we can accomplish if we can all work together,” Van Bynen said.
“The demand is huge. We have a substantial challenge ahead of us. But I know the government is committed to addressing this as best we can.”
Building details
The next stage at 200 Deerfield Rd. will be similar to the recently finished 195 Deerfield Rd., Berholz said, with different amenities shared between both buildings meant to create a complete community.
About 25 per cent of the units within the Bakerfield apartments are to be at an affordable market rate, he said. At 195 Deerfield Rd., that stands at $1,728 for a one-bedroom apartment at 576 sq. ft, not yet posted when the developer announced the leasing opening two weeks ago. For these units, household income cannot exceed $82,980.
York Region has also reserved some units for its subsidized housing stock, Berholz said, with the region paying a portion of the rent on these units independent of The Rose Corporation. You have to get through the subsidized housing waitlist with a years-long wait to get access, and all those units have already been taken, Berholz said.
The region confirmed it has reserved 12 units in the building for the subsidized housing waitlist.
After the affordable $1,728 tier, units range from $2,240 for a one-bedroom apartment to $3,380 for a three-bedroom with a den.
The rents are limited by what the CHMC puts out as the average market rents, Berholz said
The prices are inclusive of the various amenities in the building — a gym, lounge spaces, movie theatre, games room and more. Water and electricity are excluded, part of ensuring the building could meet high environmental standards, Berholz said.
“We do believe, based on what we know is available in this market, this is relatively affordable,” he said. “We’re really excited to be a developer who provides affordable units as defined by the government.”
“There’s a place for everybody,” he added. “Many different demographics, income levels, throughout this community. You can’t please everybody in one community, but I think we’ve done a pretty good job.”
The buildings also feature park space, with a dedicated public park built on the private land to come into place with the completion of 200 Deerfield Rd.
Taylor recognized that some in the public would question how affordable the units are.
“Is it a challenge? Absolutely. People will say some of these prices don’t sound affordable,” Taylor said. “We have to provide affordable housing for the most vulnerable. But we have a responsibility to provide affordable housing for everyone, at every income decile, at every stage of life, and this is meeting that.”
The new apartment at 200 Deerfield Rd. is expected to be completed by fall 2024.
