Toronto, ON — Today, the federal government announced an over $137 million investment in non-profit developer Options for Homes’ co-op rental building The Cedars South Tower in Scarborough — the first major non- profit co-op rental housing development to break ground in Toronto in over two decades.
The funding is through the Co-operative Housing Development Program (CHDP), which supports the creation of co-op homes and is the largest federal investment in new co-op housing in more than 30 years, with $1.5 billion in funding.
The announcement was made by Minister of Public Safety and Scarborough— Guildwood—Rouge Park MP Gary Anandasangaree, alongside Secretary of State (Sport) and Burlington North—Milton West MP Adam van Koeverden;Scarborough—Agincourt MP Jean Yip; Parliamentary Secretary to the Minister of Housing and Infrastructure and Ajax MP Jennifer McKelvie; and Options for Homes CEO Daniel Ger.
Located near Markham Road and Eglinton Avenue East, the 21-storey Cedars South Tower will include 245 below-market and rent-controlled co-op rental homes. The tower is the first phase of Options for Homes’ 783-unit masterplanned community called The Cedars. Future phases will offer attainable home ownership options across three additional residential towers as well as townhomes.
With the federal government’s investment in The Cedars South Tower, Options for Homes, one of the largest non-profit developers in Canada, is able to deliver housing that is accessible, reduces impact on the environment and affordable inthe long term.
“The federal government has a strong role to play in building non-market housing to provide more affordable housing options for Canadians, and this includes co- operative housing. This project shows how co-ops can provide affordable,inclusive, and sustainable homes that respond directly to local needs," says the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada.
“Our Government is investing in co-operative housing in Scarborough so people can stay in the communities they love. These homes help residents remain close to family, work, and support systems, without being priced out. This is part of our broader plan to support communities across the country with stable, affordable housing," says Bill Blair, Member of Parliament for Scarborough Southwest
“Today, too many working households in Scarborough earn a good living yet are priced out and pushed out of the very communities they belong to,” says Daniel Ger, CEO, Options for Homes. “We are honoured to have federal government’s funding and support for the rental co-op at The Cedars. This milestone funding demonstrates the scale of what can be possible when visions and resources between non-profits and government are aligned to deliver housing that meets the diverse needs of working households in our cities.”
The Cedars South Tower is being designed with long-term sustainability and liveability at the forefront. Using geothermal heating and cooling system, the new community will achieve a 50% reduction in energy consumption and an 80% reduction in greenhouse gas emissions relative to Tier 1 of the 2020 National Energy Code for Buildings. Additionally, 20% of units will meet CMHC’s accessibility standards while 100% of common areas will be barrier-free, exceeding Ontario Building Code requirements.
Options for Homes is also partnering with YWCA and Community Living Toronto to offer 20% of the co-op rental units to these highly regarded social service agencies.
Latest designs of The Cedars South Tower unveiled
The masterplan community is organized around a 40,000-square-foot central courtyard that will connect to a new 1.1-acre public.
It was designed by Toronto-based architecture firm RAW Design. The Cedars is intentionally designed to be flexible, with a focus on outdoor amenities including a children’s play area, a fitness area, a butterfly garden, an off-leash dog area and a fire lounge area. These will connect to a large new park shared with the existing community. The Cedars South Tower design reflects the inclusive, community- driven nature of co-op housing, with residents spaces that allow members to shape they are used and enjoyed.
“Co-op members cultivate common spaces in ways that are specific to their community,” said Roland Rom Colthoff, Director, RAW Design. “That’s why we are over-delivering in public and outdoor amenity spaces, so members have abundant opportunities to connect, and build community with their neighbors.”
ABOUT OPTIONS FOR HOMES
Since 1994, Options for Homes has been one of Canada’s largest non-profit developers of attainable condominiums. As a social purpose organization, Options for Homes facilitates access to housing through innovative financing and development solutions. As pioneers of the shared equity model, Options for Homes has helped over 6,500 people become homeowners and delivered more than 3,300 homes across the Greater Toronto Area. The Options Ready Program offers up to 15% in down payment support through a shared equity contribution with no monthly payments. When a purchaser sells or moves, they repay the original loan plus a portion of the home’s appreciation. To continuously expand our social impact, these funds are reinvested to develop future homeownership projects, helping more people access stable housing and build long-term prosperity.
