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News release: October 19, 2020

Peel loan program addresses housing affordability for homeowners and renters

Brampton, ON (October 19, 2020) – Today the Region of Peel launches the My Home Second Unit Renovation program to create more affordable rental units across Peel. The program provides up to $30,000 in forgivable, interest-free loans to homeowners seeking to upgrade existing second units and rent them out at affordable rates.

The My Home Second Units program provides:

“The market rate for housing in Peel today is unaffordable for 80% of our residents,” said Aileen Baird, Director of Housing Services. “This pressure will only increase as Peel’s population continues to grow, while only 0.03% of new units built each year are affordable. More innovative partnerships and creative solutions are essential to address these pressures and ensure a home for all in Peel.”

The My Home Second Unit program is one of several initiatives the Region is creating to address the chronic shortage of affordable rental units in Peel. Optimizing existing stock in the community is one of five strategies to address housing affordability in the Region’s long-term Peel Housing and Homelessness Plan.

The program is currently funded to create 57 new affordable units in Peel annually while making home ownership more affordable for loan recipients. This innovative solution creates more units for low-income individuals while also helping middle-income individuals manage the cost of owning a home. If the available funding is fully used, and the program achieves desired outcomes, Peel will seek increased funding from Council to expand the program. More information is available on the Second Unit Renovation program page.

Media contacts

Lesley Hudson
Communication Specialist
Region of Peel
Tel: 905-867-8072

The Region of Peel works with residents and partners to create a healthy, safe and connected Community for Life for approximately 1.5 million people and over 175,000 businesses in the cities of Brampton and Mississauga and the Town of Caledon. Peel's services touch the lives of residents every day. For more information about the Region of Peel, explore peelregion.ca and follow us on Twitter @regionofpeel and Instagram @peelregion.ca.