Federal government announces more than $88 million for homes on Vancouver Island

Victoria, British Columbia, November 17, 2023

Today, the federal government announced that it has committed $87.85 million to build 271 rental homes across three projects for Victoria, Courtenay and Langford. The funding came as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).

825-827 Fort Street in Victoria will be home to a 105-unit, 10-storey building located in the technology and heritage precinct of Downtown Victoria. The building has a mix of studio-, one-, two-, and three-bedroom homes. Residents will also have access to building amenities such as a rooftop patio, fenced dog run, shared garden plots and electric vehicle charging stations. Construction is expected to be complete in 2025.

2600 Mission Road in Courtenay has 94 units across two, four-storey buildings. The buildings have a mix of one-, two-, and three-bedroom units with open floor plans and air conditioning. They are located near major grocery and department stores and the North Island Hospital. Tenants with children will also be able to enjoy the onsite outdoor playground and proximity to the local elementary school. The buildings were completed in 2022.

Peatt Commons at 821 Hockley Avenue has 72 units for residents of downtown Langford. The six-storey building has a mix of one-, one plus den, and two-bedroom units. It’s also close to local shops, hiking and biking trails and the local recreation centre. The building was completed in August 2020.

Canada’s construction of rental homes has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the RCFi to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.

Funding details for the three projects include:

$41 million in low-interest RCFi loans for 825-827 Fort Street, Victoria; $12 million in cash and land equity from Salient Group
$26.85 million in low-interest RCFi loans for 2600 Mission Road, Courtenay; $1.45 million in cash and land equity from Woodsmere Holding Corporation
$20 million in low-interest RCFi loans for 821 Hockley Avenue, Langford; $2.9 million in cash and land equity from Peatt Commons

“We need to boost housing supply, this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.”
— The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

Quick facts:

The federal government’s National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82 billion to give more Canadians a place to call home.
The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
- RCFi is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
- RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
- Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
- A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.

Additional information:

Visit Canada.ca/housing for the most requested Government of Canada housing information.

CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

To find out more about the National Housing Strategy, visit: www.placetocallhome.ca.

Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.