For items related to public consultation through the City of Waterloo, please visit Engage Waterloo Region Initiative 1: Municipal Lands Program.

What Is This Project?

What makes this project unique compared to other affordable housing initiatives?

The University Avenue East project is one of Canada’s largest affordable housing initiatives, delivering over 1,000 mixed-ownership and rental units through innovative partnerships between the City of Waterloo, Habitat for Humanity Waterloo Region/BUILD NOW: Waterloo Region. It stands out for its focus on including affordable home ownership options including three- and four-bedroom family units. Strong community engagement, board support from all sectors, and a plan to keep this housing affordable long into the future makes this a one of a kind project.

Who is this housing for?

The goal is to create a diverse, inclusive community. We expect homes to support a range of incomes and household sizes – from seniors and single parents to young professionals and multigenerational families. This housing is for families and individuals who are priced out of the market. Our targets are middle-income earners, those who earn too much for subsidies but can’t afford market prices, with a focus on ownership housing.

What safeguards are in place to ensure the homes remain affordable over time?

Partner not-for-profits, co-operatives, and charities will take ownership of the rental units. By placing the rental stock in the hands of these trusted partners, we will ensure that rents remain affordable now and in the future. This fits with our rental partners own core missions to serve the community.

Drawing on years of experience from Habitat for Humanity Waterloo Region and their proven tools, we will keep ownership housing affordable. Resale prices will be relative to purchase price mean the homes stay affordable even after resale. By requiring future buyers to also meet specific eligibility criteria, our approach helps homeowners build security and equity, while preventing investment property purchases and profit-driven resales that drive up prices.

Getting a Home

When do houses go on sale? Can I get on a list?

We are really excited to share how folks can be part of living in this new community, but we aren’t there yet. Be sure to subscribe to our newsletter and follow us on our social media channels for the latest updates and behind-the-scenes looks. We’ll be sharing news there in real time.

What will the homes for ownership cost?
What will the homes for rent cost each month?

Prices for ownership will range based on the number of bedrooms, square footage, future material costs, and how many more partners we can bring in to lower our costs. What we’re sure of, with all the cost and profit we’ve been able to strip out, these will be some of the most affordable homes on the market.

The price for rent will range depending on the not-for-profit housing operator and how they operate their particular program. They are experts in this and we’re excited to support them in their work to bring affordable rental options to the community.

What will be the down payment structure?

When it comes to down payments, that will be handled entirely through the bank or lender of your choice. Whatever structure your chosen institution uses is what buyers will follow.

Project Facts

What are the total number of homes being built?

The project aims to build over 1,000 new homes in low- to mid-rise buildings, what’s known as “missing middle” housing, with a diverse mix of studio, one-, two-, three-, and four-bedroom, family-friendly units.

Will the homes you are building be single detached or a condo style of living?

This development intends to balance the need for more homes to meet our housing needs and designs that creates a truly livable community. There will be a mix of sizes, condo ownership, and rental, but no single detached homes.

What is the estimated cost of this project?

At the present time, the total cost of the project is estimated to be near half a billion dollars.

When will construction begin?

Construction is set to begin in early 2026, with phased occupancy anticipated starting early to mid-2027.

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^{Note: Due to the high volume of inquiries we receive, we’re unable to respond to questions that are already addressed in the FAQ above. We appreciate your understanding.}