CityHousing Hamilton buys Ancaster property to preserve building affordability

The City of Hamilton says CityHousing Hamilton has completed the purchase of 52 Sulphur Springs Rd. in Ancaster, an investment to ensure the affordability of living in the building there.

“Protecting affordability is not only about building new homes; it is also about preserving the affordable homes we already have,” said Hamilton city manager Marnie Cluckie in a statement. “This acquisition is a practical, strategic step that helps keep affordable housing options available in communities in Hamilton.”

City staff say the property was purchased for $5.35 million and is located in a neighbourhood with access to amenities, parks and transit.

Of that money, $3.18 million came from CityHousing Hamilton, and a $2.35 million loan from First National Bank through the Canadian Mortgage and Housing Corporation’s MLI select program.

“Protecting and expanding affordable housing is one of the most important ways we can support Hamiltonians and strengthen our communities,” said Mayor Andrea Horwath in the statement. “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.

CityHousing intends to preserve the four rent-geared-to-income units that are currently found at the property.

The 30-unit building is made up of 25 one-bedroom units and five two-bedroom units with the current average rent of $1,150 per month, below the Canada Mortgage and Housing Corporation’s average monthly rents in Hamilton.

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