Efficiency Capital works with building owners to deliver deep retrofits that reduce energy use and GHG emissions.

The program, which will offer $1 billion in loans and $500 million in grants, will be administered by the Canada Mortgage and Housing Corp.

It said the federal government’s decision to cancel the GST on new residential builds has spurred the construction of purpose-built rentals.

The facility has been designed as one of the most sustainable recreation facilities in Canada.

The central bank announced the quarter-percentage-point cut on Wednesday, its first in more than four years, meaning its key interest rate now stands at 4.75 per cent.