CMHC Rapid Housing Initiative services
Understand your eligibility and position your application for success
The Rapid Housing Initiative (RHI) is a $1 billion initiative launched by the Government of Canada, through CMHC – to help address the housing needs of Canada’s most vulnerable. It is expected to create up to 3,000 new affordable housing units across the country; pending its success, there’s a strong likelihood it could get expanded.
It offers a great opportunity for municipalities, provinces, Indigenous governing bodies and organizations, and not-for-profit organizations to start to resolve the affordable housing issues they have long-faced in their communities.
Leverage our team of affordable housing experts from across Canada to support you through the RHI application process, whether you are looking at:
Conversion of an existing building
Identify potential conversion partners or opportunities
There are conversion opportunities to be had by partnering with owners of assets like hotels or office buildings. Short list your potential conversion partners by working with our team of well-connected industry veterans.
Execute your conversion on time, on budget and with excellence
Conversions come with their own set of challenges, and experience is key to proper execution. Our team is backed by a multi-disciplinary group of scheduling, cost planning, project / development management, and project monitoring experts, ensuring a successful project delivery.
Not all existing buildings are candidates for conversion to multi-family, let alone affordable housing. You need to understand the building’s current condition, project feasibility and the cost to convert, to see if it can be altered sufficiently and with a reasonable capital investment. Municipal approvals and zoning are also critical at this stage. Put in the upfront work before committing to a conversion to ensure this is a worthwhile venture as well as to anticipate and mitigate against potential challenges.
Construction of modular housing
Determine if modular construction could be right for your development
Most recognize that modular construction is great for faster delivery, improving quality, and gaining control over things like labour and costs; however, on the downside, capacity issues can arise, and it’s important to be aware of local market constraints.
Understand if modular construction is worth exploring for your affordable housing development.
Execute with confidence
Experience is key when it comes to reaping the rewards of this type of construction. With a cross-functional team of experts you gain the ability to hit the ground running, and immediately recognize efficiencies and savings.
Acquisition of land
Before you acquire land you need to gain the confidence that your affordable housing development makes sense both in terms addressing the needs of your target market and financially. You should look at existing zoning bylaws, and the likelihood a development application of this kind will get approved. Back-up your acquisition decisions with expert advice and analysis.
Cost estimating & pro formas
Set realistic budget and development scenario expectations and maintain them.
Get an accurate and independent understanding of the value of your property or nationwide portfolio.
Economic advisory & market research
Understand the viability of your next real estate project with custom research.
Contact a qualified professional
Our multi-disciplinary team of professionals brings a wealth of industry experience and unparalleled data-driven insights, providing the clarity you need to make informed decisions.
Modular building construction: Has its time finally come?
Dec 9, 2020
Modular construction is something that forward-thinking governments, investors, manufacturers, developers and builders are looking at, but it is important that it be tempered with a clear understanding of advantages versus constraints, and a proper assessment of opportunities and how to mitigate the risk.
CMHC’s Rapid Housing Initiative – Your questions answered (updated)
Nov 20, 2020
Ongoing answers to your questions about CMHC's Rapid Housing Initiative. This program was launched to address housing affordability and homelessness in Canada's most vulnerable communities.
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It’s very common for developers, contractors and consultants to estimate construction cost escalation, for all asset types and trades, based on a single number or range. This is dangerous and can lead to grossly inaccurate development budgets and forecasts, and more time (and money) spent on contingency plans down the road.