The town of Listowel is growing – and BMO is helping break ground on affordable housing

Over the next 10 years, the town of Listowel, Ontario is expected to grow significantly. Ensuring those new residents have affordable, accessible housing without negatively impacting the environment in the building process is integral to creating safe communities and maintaining growth. BMO Commercial Bank’s Real Estate Finance team recognizes this importance and strong alignment to BMO’s Purpose, and is supporting a new affordable housing project in the community.  

Building accessible, affordable housing is a challenge communities across North America face, and BMO is proud to have worked on a variety of affordable housing projects helping to bolster our communities and ensure that we continue to see growth for our next generation. 

Introducing Listowel Gardens 

Nadim Hirji, Group Head, BMO Commercial Bank recently attended the groundbreaking ceremony to celebrate Listowel Gardens and the positive impact the apartment complex will have on the community. This recent win for the Real Estate Finance team included funding the first advance on a Canadian Mortgage and Housing Corporation (CMHC)-insured construction loan for Phase 1, as well as a predevelopment loan for Phases 2 and 3.  

“We are incredibly proud to support the Listowel Gardens project. We immediately see the impact Listowel Gardens will have on this community which, like many smaller communities in Canada, has historically been underserved by quality rental housing.” 

-Nadim Hirji
Group Head, BMO Commercial Bank 

Phase 1 of the project exceeds CMHC’s criteria for social outcomes, which is measured against energy efficiency, affordability and accessibility. The building is designed to meet the Zero Carbon Building design standard set by the Canada Green Building Council. It also has at least 15 per cent of units at rental rates below 30 per cent of the household income in the community and includes an elevator and units that meet accessible or barrier-free design standards.  

The finished complex will have 178 rental apartments, of which 27 are affordable housing units, 81 are attainable housing units and 18 are accessible units. The project also includes a clubhouse designed for resident events, coworking and recreational amenities. Lastly, an onsite commercial plaza will host shops, restaurants and essential services for building tenants and the whole community. The first residents are anticipated to move in by Spring 2026.  

Check out coverage of the groundbreaking, which was attended by the Khanylemika and BluView project developments teams, as well as VanDel Construction, the project’s general contractor; local government officials, including the mayor and Listowel’s member of provincial parliament; and local media.