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Pacific Canada  + Canada  + Apartments  | 
Ottawa is investing $107.5 million in an apartment building project on Vancouver's west side.

Feds Invest $107.5M in Vancouver Apartment Project

Ottawa is investing $107.5 million in a 215-unit apartment building project on Vancouver’s west side.

The federal investment is in the form of fully repayable low-interest loans through Canada Mortgage and Housing Corporation’s rental-construction finance initiative. Housing Minister Sean Fraser announced the federal investment during a news conference at the development site.

The 19-storey W42 project is located at West 42nd Avenue and Hemlock Street in the Oakridge area, which is undergoing a massive redevelopment tied to the neighbourhood’s mall of the same name. The building will comprise 215 units, including a mix of studio, one-, two- and three-bedroom apartments.

Marcon, a Vancouver-area developer constructing the building, is contributing $6.6 million in cash equity.

The federal investment comes after Ottawa invested $150 million through the same CMHC loan program in three other rental-housing projects on Vancouver’s west side, including two on the University of British Columbia campus.


Inside The Story

CMHCCMHC Rental Construction Financing Initiative

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.

  • ◦Development
  • ◦Financing
  • ◦Policy/Gov't
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