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Canada  + Pacific Canada  + Multi-residential Housing  | 
Apartments under construction.

Feds Add Another $15B to Apartment Construction Loan Program

The federal government is topping up its Apartment Construction Loan program by $15 billion.

The move comes after Ottawa earmarked $15 billion for the fund last fall.

“With this top-up, the program’s financing is on track to build over 131,000 new apartments within the next decade,” said the Prime Minister’s Office in a news release.

Ottawa also announced reforms to the program, including extended loan terms, extending access to funding to students and seniors, a portfolio approach allowing developers to move forward on multiple projects at once and frequent-builder stream to fast-track applications for proven builders.

The government will also launch the Canada Builds, mirroring the B.C. Builds program, and provide matching funds to provinces and territories that launch their own housing plans.

Canada’s Apartment Construction Loan program is administered by the Canada Mortgage and Housing Corporation.


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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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