Federal agencies yesterday declined to comment on a $120 million housing loan to one of Canada’s wealthiest developers.
"This project will help over 300 local families find rental housing units," Ahmed Hussen, the minister responsible for housing, told reporters. "That’s why the government is taking action to increase the supply of rental housing through projects like the one we’re announcing."
Cabinet on July 19 announced the $120 million loan to build 302 apartments in Brampton, Ontario. The developer is Choice Properties Real Estate Investment Trust, whose CEO was paid $3 million in salary and benefits last year, according to corporate filings. Cabinet earlier defended the loan as critical, according to Blacklocks.
Choice Properties is owned by George Weston Ltd., whose 2020 net income totaled $451 million. The loan was approved through a federal program, the Rental Construction Financing Initiative, that extended ten-year, easy-term credit "for certainty during the riskiest periods of development," according to Canada Mortgage and Housing Corporation (CMHC). Both CMHC and the Department of Social Development declined to respond to questions.
"We know that finding an affordable place to live is a challenge for many Canadians in communities across the country," Prime Minister Justin Trudeau said at the time. "Today’s announcement is great news for families in Brampton. The Government of Canada will continue to invest to increase affordable housing options." The building is scheduled for completion by 2023. As few as 61 of 302 apartments would rent at below-market rates.
George Weston Ltd. reported net earnings of $1.6 billion last year. It also operated the Loblaw Companies Ltd. supermarket chain that in 2019 received a $12 million federal grant to install new freezers.
"Canadians might wonder why the Liberals handed over $12 million to Loblaw’s, one of Canada’s richest companies," said Conservative MP Mark Strahl.
The freezer grant was paid under a Low Carbon Economy Fund. A now-disbanded ecoEnergy program similarly paid grants to large corporations in the name of energy efficiency. Sobeys Inc. received $1.48 million in ecoEnergy grants in the period from 2006 to 2013. Loblaw Companies received $801,000. A total of $207,968 was paid to McDonald’s Restaurants and $153,960 to Sears Canada.
"These companies are flush," Liberal MP John McKay said in an interview at the time. "Companies, given their financial statements, don’t seem to be worthy recipients of taxpayers’ largesse."
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