Region of Waterloo uses parcel sale to support new affordable housing project at 30 Lauris Avenue in Cambridge

Waterloo Region – The Region of Waterloo is taking another step forward in accelerating new housing, using existing Regional land to improve the availability of affordable housing at 30 Lauris Avenue in Cambridge. The Region has created three new parcels for single family dwellings, and will retain one parcel for a future affordable housing project. The project is part of the Building Better Futures Initiative, a Regional strategy to accelerate the development of 2,500 affordable homes across Waterloo Region over a five-year period. 

Two of the three newly created parcels are now for sale at market rate and proceeds from the property sales will help improve the availability of affordable homes within the 30 Lauris Avenue development. The properties are thoughtfully designed for single-family dwellings, within a well-established neighbourhood, close to schools and amenities.

The development at 30 Lauris Avenue will support an anticipated 106 homes, with commitment to at least 30 per cent of the units being affordable for a minimum of 30 years. Affordable housing is rent that is at or below 80 per cent of the Canadian Mortgage and Housing Corporation (CMHC) Median Market Rent (MMR) for the Waterloo Region, inclusive of utilities.

“Finding new and innovative ways to create more affordable homes in Waterloo Region is incredibly important right now,” said Karen Redman, Regional Chair. “At every point in the process, we’re looking at how to create more homes, more affordably and more effectively. The 30 Lauris Avenue project does just that.”

A request for proposal (RFP) for 30 Lauris Avenue is expected to open in Fall 2024.

30 Lauris Avenue is one of four Regionally-owned properties that were identified for the acceleration of affordable housing through developer partnerships. Since that time, the Region has completed community profiles for each site, conducted background work to prepare the land for development and established criteria for development partner selection.

Part of Homes for All under the Region’s new strategic plan Growing with Care, 30 Lauris Avenue will further the Region’s commitment of investing in affordable homes and economic opportunity for all.

As the project advances, opportunities for community engagement will be shared. More information can be found at: Building Better Futures: 30 Lauris Avenue, Cambridge, Ontario | EngageWR.

About Building Better Futures

Building Better Futures: 2,500 Homes in 5 Years, is the Region of Waterloo’s affordable housing strategy. The strategy aims to develop up to 2,500 new homes by the end of 2025, increasing affordable housing generated from an average of 50 homes per year to 500 homes per year. Currently at 2,350 new homes in development, the Region of Waterloo is committed to making housing affordable for all because we believe communities thrive when everyone has a place to call home. With the need for affordable housing growing, the Region is dedicated to increasing the number of affordable homes. The plan includes the use of lands, funding and resources, community engagement, and cross departmental staff support to increase the development of affordable homes.

About the Region of Waterloo

The Regional Municipality of Waterloo, situated in Southern Ontario, is a diverse and thriving community that encompasses the cities of Kitchener, Waterloo, and Cambridge, along with the townships of Woolwich, Wilmot, Wellesley, and North Dumfries. The Region of Waterloo provides a range of programs and services that touch the lives of residents every day, with a commitment to innovation, sustainability, and inclusivity. The Region is dedicated to building a resilient and vibrant community for all. For more information, visit regionofwaterloo.ca.

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