A newly built Calgary apartment building shows the benefits of modular construction if in offsetting Canada’s chronic undersupply of housing, says CBRE.

The firm’s newly released Fall 2025 edition of Advantage Magazine features a compelling look at how modular construction — supported by innovative financing — could play a major role in easing Canada’s housing shortage. CBRE spotlights the 84-unit Calgary modular rental project as proof that speed, cost efficiency and scalable design can meaningfully shift the housing landscape.

The project, located at 1007 Sixth Avenue S.W. used 56 factory-built modular components that were assembled like Lego blocks on-site in roughly 10 days in August. What would traditionally require nearly two years was reduced to about three months of factory production by ATCO Structures plus rapid installation — a timeline that dramatically lowers carrying costs and brings units to market faster.

Jessica Harland, a CBRE senior vice-president of debt and structured finance in Calgary, worked within a Canada Mortgage and Housing Corporation pilot project to supply financing for the project.

“There’s historically been stigma surrounding modular and lender security concerns really limited the flow of capital,” Harland told her Advantage Magazine interviewer. “But Canada needs a housing construction boom and traditional thinking is being challenged.”

Modular-housing developers have repeatedly called for creative financing solutions to help spur new projects. Unlike with other projects, modular-housing developers have been required to put down large deposits to secure financing, according to CBRE.

“Modular can be part of the solution if we solve the financing piece and in working with CMHC, I believe we have a template for success,” Harland told her interviewer.

According to the Advantage Magazine article, Harland worked with CMHC to set up a bond program that provides insurance coverage over the housing units and a performance-bonding mechanism for modular-component manufacturers.

“Bonds are essentially insurance to cover the products and services delivered in the event that the modular provider goes out of business,” Harland told her Advantage Magaze interviewer. “The more the bond covers, the more CMHC will advance. That makes modular financing more accessible since less equity is required up front.”

The advances help cover costs required by modular providers before the units are delivered, CBRE reported.

The Advantage Magazine article notes that prefabricated modules can also be applied to broader commercial real estate uses, such as retail plazas, offices and hotels.

“There’s also potential to leverage smaller modular components within traditional construction,” CBRE reported.

Harland garnered a 2023 Canadian Women in Real Estate Award from Connect.

Check out the full story of the Calgary project in the Fall 2025 edition of Advantage Magazine.

Pictured: The 1007 Sixth Avenue S.W. project in Calgary while it was under construction in summer 2025.

Photo: ATCO