Canada invests over $107 million for new rental homes in Vancouver

Vancouver, British Columbia, September 22, 2023

The Government of Canada is providing $107.5 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi) to build 215 purpose-built rental homes for residents of Vancouver.

The announcement took place at the project known as W42, located at 5780 Alberta Street. This follows the Honourable Sean Fraser’s, Minister of Housing, Infrastructure and Communities, August 16 visit to Vancouver where he announced nearly $500 million for over 1110 units, including the project announced today.

W42 will be developed into a 19-storey apartment building offering 215 purpose-built rental units in the core of the city’s Cambie Corridor. The project will offer a mix of studio, one-, two- and three-bedroom units for residents. The homes will be located within walking distance to the 41 Avenue Canada Line Skytrain station, as well as parks, schools, and grocery stores. The project received a $107.5 million RCFi low-interest loan from the federal government through the Canada Mortgage and Housing Corporation (CMHC) and Marcon contributed $6.6 million in cash equity. Construction is expected to be completed in June 2025.

Quotes:

“Today’s announcement demonstrates the success that can be achieved when different levels of government work together and with community partners, including the private sector, to address the housing challenges Canadians are facing. Because of funding through the RCFi, 215 new purpose-built rental homes will be built in Vancouver. This is one of the many initiatives the government has implemented to increase housing supply across the entire housing spectrum, so that all Canadians have a safe place they are proud to call home.”
— The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“The Government of Canada is investing in housing supply here in Vancouver and across the country to help improve the quality of life for residents so they can live and work in their communities. Today’s announcement is one example of our commitment to investing in safe and secure homes with better access to community services and public transit. Together with our partners, we are providing more rental housing for all Canadians.”
— Taleeb Noormohamed, Member of Parliament for Vancouver Granville

“Marcon is proud to build complete communities and spaces that blend diverse housing types. Through the Rental Construction Financing Initiative, we are able to make a collaborative effort to address some of Vancouver's housing challenges and enrich the urban landscape of our city.”
— Nic Paolella, Executive Vice President, Marcon

Quick facts:

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.
Through Investing in Canada Infrastructure Program, the Government of Canada has committed $3.9 billion to support infrastructure investments in British Columbia.
Of that amount, the Government of Canada has allocated $2.21 billion to TransLink for projects in Metro Vancouver.
Since 2018, the Government of Canada has approved 17 TransLink projects under Investing in Canada Infrastructure Program with a total federal contribution of $1.63 billion, including $888.3 million for the Millennium Line Broadway Extension and $493.3 million for the Expo and Millennium Upgrade Program.
In 2021, the Government of Canada announced up to $1.3 billion in federal funding toward the Surrey Langley SkyTrain extension project, being built to accommodate projected population growth in Surrey and Langley.
Major public transit infrastructure projects like the Surrey Langley SkyTrain strengthen communities, make more Canadians’ lives easier and more affordable, and are aligned with the Government of Canada’s commitment of net-zero emissions by 2050.

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.