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Apartments under construction.

Feds Invest $500M in Vancouver-Area Rental Projects

The federal government is investing about $500 million in approximately 1,400 purpose-built rental homes in Metro Vancouver.

The investments were announced at two press conferences in Abbotsford, B.C., and Surrey, B.C., last week.

The funds will go to projects in Abbotsford, Langley and Surrey. Ottawa’s investment comprises fully repayable low-interest loans under the Rental Construction Financing Initiative (RCFi).

In the largest investment, the feds are providing $319.5 million for 843 units across three projects in Surrey.

The 392-Comma King George will receive $146.5 million in RCFi funds, while Stonemark Investments and Comma Properties, which is a joint-venture between Rize Alliance and Pioneer Investments, will invest $59.2 million.

The feds will invest $145 million in the 372-unit Brightside Tower, located at 10420 City Parkway, while Bosa Properties will inject $27.3 million and the City of Surrey provides in-kind support.

The 78-unit Parker Living building, located at 10590 139th Street, will be financed with $28 million in RCFi funds, and Mosaic Parker Properties will supply $2.8 million.

During the other announcement, Ottawa said its is investing about $180 million in 590 units across four projects: Two in Abbotsford and one each in Langley and Surrey. The two Abbotsford properties, of which one is complete, are located in local development firm Wiebe Properties’ Central Park Village.

Vancouver-based Pennyfarthing will invest $9.15 million in the Surrey apartment project of the same name.


Inside The Story

RCFiPennyfarthing Homes

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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