Funding to extend life of Moncton seniors housing complex

The government has invested in renovations and upgrades for a 39-unit seniors complex in Moncton to extend the lifespan of the building and make it a better place for residents to live.

Release

Housing New Brunswick

November 12, 2025

MONCTON (GNB) – The government has invested in renovations and upgrades for a 39-unit seniors complex in Moncton to extend the lifespan of the building and make it a better place for residents to live.

The Golden Terraces Seniors Housing Co-op operates the development on High Street. The 32-year-old building needed extensive renovations to continue providing safe, affordable homes for people 55 and older.

The New Brunswick Housing Corporation has provided the housing co-operative with $1.2 million for the improvements – $600,000 in 2022-23 and $600,000 in 2025-26 – so that an elevator could be replaced, fencing erected, and mini-splits installed, along with improvements to the electrical system, insulation, siding and windows.

“We were able to secure and stabilize this seniors community through Housing NB’s Non-Profit and Co-operative Housing program, which will ensure these residents are able to stay in their homes going forward,” said David Hickey, minister responsible for the New Brunswick Housing Corporation. “By maintaining this building, we’re helping these residents continue to live independently as they benefit from a safe, stable and affordable living arrangement.”

The project is part of a collaboration with the Canada Mortgage and Housing Corporation, which also contributed $550,000 through its Affordable Housing Fund.

“Our government is proud to support this initiative, part of our ongoing efforts to build strong, affordable communities across the country,” said federal Housing and Infrastructure Minister Gregor Robertson. “This project will make a real impact on lives in Moncton, and it’s another step forward in our bold, ambitious plan to build Canada strong.”

As a non-profit co-operative, the rents are set to cover the costs, not to generate a profit. Residents are members of the collective, with the right to vote, elect a board and influence co-op policies. Monthly rents range from $660 for one-bedroom units to $725 for larger, two-bedroom spaces, and include access to common lounge areas that can host social activities and foster a sense of community.

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Media Contact(s)

Adam Bowie, communications, New Brunswick Housing Corporation, [email protected].