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

Feds Invest $43M to Fast-Track 1,290 Burnaby Housing Units

The federal government has reached an agreement with the City of Burnaby to fast-track the development of 1,290 new housing units in the next three years.

Ottawa will provide the city with $43 million from the Housing Accelerator Fund (HAF) administered by the Canada Mortgage and Housing Corporation.

Terry Beech, the citizens’ services minister, whose riding covers part of Burnaby, announced the investment during a news conference. HAF is designed to cut red tape and fast-track the construction of 250,000 homes across Canada.

Many of the Burnaby projects are expected to be multi-family rental and affordable housing developments as Ottawa seeks to reduce a chronic residential property supply shortage and all levels of government aim to develop more high-density and transit-oriented residential units.

“The support of our partners in the federal government through the Housing Accelerator Fund is integral to delivering affordable housing for Burnaby residents,” said Mike Hurley, Burnaby’s mayor, in a news release.


Inside The Story

CMHCMike Hurley

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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