Construction Nears Completion on Peterborough’s New Affordable Housing Building On Monaghan Road

Construction is approaching completion on the City of Peterborough’s new affordable housing building at 681 Monaghan Rd.

The project received $18.9 million in federal funding through the third round of the Rapid Housing Initiative (RHI3), $40,000 from Canada Mortgage and Housing Corporation’s Seed Funding program, $1,684,286 through the Ontario Priorities Housing Initiative (OPHI), with the City of Peterborough contributing $4 million. City Council decided in February 2023 to use a special one-time dividend from City of Peterborough Holdings Inc. to support its funding for this project. Photo courtesy of the City of Peterborough.

The six-storey building comprises 53 units including 37 one-bedroom, 11 two-bedroom and five three-bedroom units. The ground floor features amenity space and utilities.

The dwelling prioritizes housing for vulnerable populations in Peterborough.

Residents are set to start moving into the building in April. This will be a staged process and the City is assisting with the relocation. Some residents are transitioning into Monaghan Road from transitional housing, thereby freeing up those units for other individuals in need of transitional housing.

“681 Monaghan Rd. is a significant step forward in addressing the urgent need for affordable housing in our community,” said Myor Jeff Leal. “This project not only provides safe and stable homes for vulnerable residents but also creates a positive ripple effect, freeing up much-needed emergency housing. We are grateful for the collaboration between all levels of government in making this a reality.”

“This building is about more than just bricks and mortar—it’s about dignity, stability, and opportunity for a wide spectrum of residents. With support from all levels of government, we’re taking meaningful steps to address affordable housing needs in Peterborough. This building will make a lasting difference in the lives of many,” said Councillor Alex Bierk and Councillor Lesley Parnell in a joint statement.

A grand opening celebration for the housing complex will occur this spring.

Construction on 681 Monaghan Rd. began in fall 2023.

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