Canada invests nearly $150 million for new rental homes in Vancouver

Vancouver, British Columbia, September 7, 2023

The Government of Canada is providing nearly $150 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi) to build more than 364 purpose-built rental homes across three developments in Vancouver.

The announcement took place at Evolve, located near the University of British Columbia (UBC) at 3518 Wesbrook Mall. 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 three projects announced today.

The Evolve project offers 110 rental units for faculty and staff at the university. Evolve received Passive House Certification, an internationally recognized building certification that provides third-party verification and a stamp of quality assurance that a building meets the high performance and comfort levels of the Passive House standard. The project received a $44.2 million RCFi low-interest loan from the federal government through the Canada Mortgage and Housing Corporation (CMHC) and $3.5 million from Natural Resources Canada. UBC contributed $15.1 million in land equity. Construction was completed in August 2022 and the project is fully leased.

Mundell House, also located near UBC at 6038 Birney Avenue, offers 136 rental units for faculty and staff at the university. The project received a $46.4 million RCFi low-interest loan from the federal government through CMHC. UBC contributed $23.6 million in land equity. Amenities for residents include a bicycle room, a communal courtyard and rooftop amenity space. Construction was completed in August 2020 and the project is fully leased.

Located at 3619 and 3681 Arbutus Street, 19 on the Greenway will be developed into two separate rental buildings and will offer 118 units for Vancouver residents. The project received a $59 million RCFi low-interest loan from the federal government through CMHC and PCI Developments contributed $30.7 million in cash equity. The project is located across the street from the Arbutus Greenway which is well serviced by public transit through frequent bus service, as well as the future Broadway Transit line. Construction is expected to complete in March 2025.

Quotes:

“We are working with all levels of government, non-profit organizations and with the private sector to increase housing supply. Through strategic investments, like the one announced today which will help build 364 purpose-built units in Vancouver, we are helping to increase housing supply across Canada so that all Canadians have a safe place that they are proud to call home.”
— The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“From young students moving out for the first time, to families moving into a new community, to seniors downsizing, Canadian renters of all ages are impacted by shortages and rising costs of housing. Through investments in projects like the ones announced today, our government is increasing the supply of new rental developments that are accessible to public transit and offer the option to live closer to where they work or go to school.”
— The Honourable Joyce Murray, Member of Parliament for Vancouver Quadra

“The Government of Canada is supporting industry and workers to build housing, including climate-resilient apartments here in Vancouver. Today's announcement of over $150 million in federal financing and investments will help house more British Columbians while supporting the sustainable development of our communities”
— The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources

“Given the increasingly challenging conditions related to construction and financing costs, programs like the Rental Construction Financing Initiative are instrumental in the continued delivery of high quality, sustainable, purpose-built rental housing. As the wait list for housing at UBC continues to grow, the need for more rental housing is ever present. Thanks to this program, 246 much needed new homes will now be available at below market rents to the UBC community. UBC Properties Trust is proud to work with the federal government and CMHC in expanding the supply of affordable rental homes.”
— David Poettcker, Director of Development, UBC Properties Trust

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.