Media Release
CityHousing Hamilton purchase protects 30 affordable housing units
HAMILTON, ON – CityHousing Hamilton has completed the purchase of 52 Sulphur Springs Road in the heart of Ancaster, ensuring the long-term affordability of the three-storey, 30-unit turn-key building in a high demand area.
This investment will help maintain stable housing opportunities while supporting complete, inclusive communities connected to services, supports, amenities and opportunities close to home.
“Protecting and expanding affordable housing is one of the most important ways we can support Hamiltonians and strengthen our communities,” said Mayor Andrea Horwath. “By securing these 30 affordable homes in the heart of Ancaster, we are helping residents stay connected to the neighbourhoods, services, transit and amenities they rely on every day. This is a necessary investment that protects affordability, supports housing stability and ensures more Hamiltonians have access to safe, quality housing close to home, both now and for generations to come.”
The property, purchased for $5.35 million, is located in a walkable, vibrant neighbourhood with access to amenities, parks and transit. Day-to-day operations will shift to CityHousing Hamilton, introducing on-site programs and supports for tenants.
“Protecting affordability is not only about building new homes; it is also about preserving the affordable homes we already have,” said City Manager Marnie Cluckie. “This acquisition is a practical, strategic step that helps keep affordable housing options available in communities in Hamilton.”
The property currently contains four rent-geared-to-income units and has below market rents, which CHH intends to preserve.
“This acquisition is a pivotal step in CityHousing Hamilton’s strategy to preserve existing affordable homes while expanding opportunities for deeper affordability,” said President and Chair of the Board, Ward 3 Councillor Nrinder Nann. “We are committed to supporting the tenants who live here today and maintaining the naturally low rents, protecting affordability for decades to come."
CityHousing Hamilton is entering a new phase characterized by large scale development, targeted acquisitions and innovative approaches to affordable housing delivery.
“We are incredibly grateful to the current owners for working with us to make this acquisition possible Their partnership will help preserve and expand affordable housing opportunities in Ancaster for years to come,” said CityHousing Hamilton CEO Adam Sweedland. “Acquisitions like 52 Sulphur Springs Road are a meaningful way for CityHousing Hamilton to add homes more quickly, and we are committed to pursuing more opportunities that create long-term housing stability for residents.”
Key highlights
- 30-unit building
- 25 one-bedrooms
- 5 two-bedrooms
- Current average rent $1,150 per month, well below CMHC average monthly rents in Hamilton
- Funding breakdown
- $3.18 million from CityHousing Hamilton
- $2.35 million loan from First National Bank through the Canadian Mortgage and Housing Corporation’s MLI select program
Quick facts:
- CityHousing Hamilton has a portfolio of 7,142 units of affordable housing in the city, providing homes for more than 13,000 Hamiltonians.
- CityHousing Hamilton manages close to 50 per cent of the purpose-built affordable rental stock in Hamilton.
Additional resources:
Tags
Build, Invest & Grow
CityHousing Hamilton
Affordable Housing
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