The federal government has invested $30 million in a new waterfront multi-family rental project in Saint John, N.B.

Ottawa provided the funds through the Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program, which offers fully repayable low-interest loans to help offset Canada’s housing shortage. Fundy Harbour Group is developing the project through a subsidiary.

Known as the Fundy Quay SW Building, the project will comprise a 79-unit multi-residential development in the city’s Uptown and Waterfront district. According to the federal government, the project aims to provide sustainable and accessible housing while placing residents near employment opportunities, essential services, and public transit.

“We are very grateful for the help and contribution of the federal government on this project,” said Chris Elias, president of Fundy Quay SW Limited Partnership. “If it were not for the ACLP loan program in combination with the federal, and subsequently provincial, initiative to remove GST/PST from the input costs on construction of new rental housing, this project would not have gone forward.” 

Construction is slated to conclude by late 2026.

Pictured: Future Fundy Quay SW Building in Saint John, N.B.

Rendering: City of Saint John