Ever wondered what the Canadian government does with real estate it no longer needs? You may be surprised to learn that the same federal government that washed its hands of social housing a while back had reactivated an agency that is now putting some surplus federal land into housing.

One of Toronto’s most innovative affordable housing initiatives sits on a piece of this surplus land. The 3.8 acre site at 650 Lawrence Avenue West, Toronto, was formerly the Canada Mortgage and Housing Corporation, before this real estate was purchased by the federal Crown agency, Canada Lands Company CLC Limited, and made available to Options for Homes.

Since its reactivation in 1995, CLC has distributed approximately $266 million to its sole shareholder, the Government of Canada, largely in a combination of dividends, note repayments and cash acquisitions. The company buys federal lands, at market value, that are no longer required by Government of Canada departments, other Crown corporations and government agencies. CLC undertakes to increase the land's “financial and community value” and marketability before preparing it for sale.

In 1999, CLC announced that the former-CMHC site would be developed in conjunction with the Toronto-based, private, non-profit organization, Options for Homes, which “is dedicated to bringing home ownership within reach of low-and moderate-income households in the Greater Toronto Area.” Sales activity was brisk as buyers were attracted by the innovative and affordable offering:

Published: January 7, 2003

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