CAPREIT Retrofits

Sector(s)

Green Infrastructure

Location(s)

Alberta, Nova Scotia, Ontario, P.E.I., Quebec

Participation

$70 million
(financial close)

Partner(s)

Canadian Apartment Properties REIT (CAPREIT)

Sector(s)

Green Infrastructure

Location(s)

Alberta, Nova Scotia, Ontario, P.E.I., Quebec

Participation

$70 million
(financial close)

Partner(s)

Canadian Apartment Properties REIT (CAPREIT)

CAPREIT to conduct energy retrofits in 60 multi-residential buildings

CIB $70 million loan supports deep building retrofits in Canadian apartments

CAPREIT

We’re thrilled to have been able to partner with the CIB and participate in their Building Retrofits Initiative, an important program in place to benefit both residents as well as the environment through projects that wouldn’t have been financially feasible otherwise. This loan will enable us to proceed with retrofitting approximately one-third of our existing Canadian apartment portfolio, which will significantly reduce its carbon emissions annually. Through the CIB, we’re pleased to be contributing to the achievement of Canada’s climate-change commitments while also making meaningful progress on our own, and we’re excited to continue this vital energy conservation work. CAPREIT remains proud to be a provider of affordable housing for Canadians.

Mark Kenney, President and Chief Executive Officer

Government of Canada

As a leader in affordable rental housing, CAPREIT is also working to reduce the carbon footprint of its properties across the country. The energy retrofits to CAPREIT’s rental properties will reduce energy costs and make them safer and more comfortable for their tenants across Canada. Through the CIB’s Building Retrofits Initiative, CAPREIT is doing its part to help us achieve our goal of net-zero by 2050.

The Hon. Sean Fraser, Minister of Housing, Infrastructure and Communities

Fast facts

CAPREIT’s overall annual greenhouse gas emissions to be cut 40%

Deep energy and decarbonization retrofits to improve the quality of living for residents

CIB loan contains tenant protections that restrict rent increases

Our $70 million investment towards deep energy retrofits will improve energy efficiency and lower the carbon pollution of 14,000 apartments in 60 multi-residential buildings in Ontario, Quebec, Alberta, Nova Scotia and Prince Edward Island.

The CIB low-cost loan helps close the higher upfront cost associated with deep energy retrofit projects that are often not economically viable with traditional sources of capital.

The retrofits include energy recovery among various mechanical systems, installation of high-efficiency electric heat pumps, as well as building automation systems, lighting retrofits and sub-metering.

Benefits of CIB involvement

Our Building Retrofits Initiative helps to address one of Canada’s largest sources of greenhouse gas emissions. Buildings account for 18 per cent of Canada’s GHGs, so retrofitting these assets is critical to meeting the country’s climate change goals.

Learn more

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CAPREIT

Mark Kenney, President and Chief Executive Officer

Government of Canada

The Hon. Sean Fraser, Minister of Housing, Infrastructure and Communities