London developer to offer units under $1,000 a month in new apartment building
The 170-unit building, set to open in September 2027, will have 10 percent of its units priced at $990 per month.
LONDON · A London developer is constructing an apartment building where 10 percent of the units will rent for $990 per month, a price made possible through a city affordable housing program. The building at 801 Sarnia Rd. will contain 170 units when it opens to tenants in September 2027. Royal Premier Homes, the developer and property manager, has committed to keeping those units affordable for 10 years. The project is supported by London’s Dollars to Doors initiative and the Canada Mortgage and Housing Corporation.
Royal Premier Homes vice-president Dimen Noory said the affordable units are priced at 30 percent of London’s median renter income. According to CMHC criteria, that median income is $39,600 annually, which works out to $990 per month. "It depends on when the government updates that median renter income table, but for the time being, it stays at $990," Noory wrote in a statement. He added that the company will maintain that pricing formula without compromise, even if the general cost of living rises significantly.
The Dollars to Doors program provides up to $45,000 per affordable unit constructed and caps rents at 80 percent of the CMHC Average Market Rent for a minimum of 25 years. According to the city’s business development site, the program aims to stimulate new affordable rental housing and offset capital costs. Mayor Josh Morgan said in a statement that council has focused on affordable housing initiatives. "When we work together, focus on practical solutions, and make lower rents a priority, we can make a real difference for the people who need it most," the statement read.
Noory said the mayor’s fast track initiative allowed for a quick construction start last October and helped expedite city approvals for site plans and building permits. The building will offer a variety of unit types, from studios to four-bedroom apartments. "There's all sorts of unit types, so that was kind of something neat that we got to do here," Noory wrote. He said all units, whether market-rate or affordable, will have the same standard of finishes, appliances and materials. "Everyone gets an equal living experience, and there’s no cut down there," Noory said.
With files from The Gazette • Western University's Newspaper