Quebec, Montreal announce $120M deal to lock in affordable leases for 720 units

The Government of Quebec, the City of Montreal and its partners have bought the Domaine La Rousselière for $120 million. (Source: Corporation Mainbourg)

Tenants who live in 720 rental units in Montreal's east end no longer have to worry about not being able to afford their rent.

Their leases have now been locked in at an affordable rate for life after the Government of Quebec, the City of Montreal and a housing non-profit bought the eight apartment buildings in the Domaine La Rousselière complex in Pointe-aux-Trembles for $120 million.

About 1,500 people live in the units, which range from studios to five-and-a-half-room units with rents ranging from $800 to $1,100.

The financing includes $20 million from Quebec, $15.8 million from the City of Montreal, $75 million from Desjardins, $4.7 million from New Market Fund, and $5 million from the Fondation Chagnon.

All Domaine La Rousselière employees will keep their jobs as a result of the deal.

"Affordability, along with increased and rapid housing construction, is a key to meeting today's housing needs. In the current context, we need bold and ambitious solutions to ensure an adequate supply that respects households' ability to pay," said France-Élaine Duranceau, Quebec's housing minister, in a news release.