A new rental housing development is in the works after the Government of Canada, the Province of Saskatchewan and Silver Sage Holdings Ltd. agreed to construct a 26-unit project in Regina.

The project, estimated to cost $7.05m, was announced by Candice Bergen, Minister of State (Social Development), along with Donna Harpauer, Minister of Social Services and Minister responsible for Saskatchewan Housing Corporation.

"Projects like this one are concrete examples of governments working alongside community partners to find solutions to housing needs," Minister Bergen said in a release. "When completed, this lodge will give individuals in Regina, including seniors, more housing options. Our Government is proud to have contributed to this project."

A total of 16 one-bedroom units will be funded by the Government of Canada and Province of Saskatchewan, approximately 707 square feet each (65 square metres). The remaining 10 units will be two-bedroom units and shall be funded by Silver Sage Holdings Ltd.

The $55m Canada-Saskatchewan Investment in Affordable Housing 2011-2014 Agreement made the funding possible. The agreement stated the Province of Saskatchewan will use the funds to create new and renovate existing affordable housing for households in need.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: