The federal government is investing approximately $574 million to support the construction of 953 new multi-family rental homes in Vancouver.

The investment spans four projects in different locations within Vancouver’s city limits.

The funding, part of the Apartment Construction Loan Program (ACLP), is aimed at increasing the city’s supply of purpose-built rental housing to address growing demand.

The Harjit Sajjan, the minister of emergency preparedness, unveiled the details of the investment during a news conference at 277 West 42nd Avenue, one of the projects benefitting from the program. The development, led by Marcon Developments., will receive $110.7 million to build 211 rental apartments as part of the second phase of the development

“This project is located in the Oakridge Municipal Town Centre, adjacent to Columbia Park and within walking distance of the Oakridge–41st Avenue Canada Line Station,” said Sajjan. “It features a mix of studio, one- and two-bedroom suites, outdoor common spaces with barbeques, a children’s play area, and a co-working area with meeting rooms.”

The ACLP is a key component of Canada’s National Housing Strategy (NHS), a 10-year, $115-billion initiative designed to ensure all Canadians have access to affordable, adequate housing.

“As Vancouver’s population continues to grow, the need for housing becomes increasingly crucial,” said Sajjan, who is also the minister responsible for PacificCan, the federal government’s Pacific Region economic development agency.

“Purpose-built rental homes are an essential part of the solution, and through ACLP, our government is helping cities like Vancouver increase its supply of new rental developments. When complete, these four projects will offer much-needed housing for families and individuals close to jobs, services, and amenities.”

Vancouver Mayor Ken Sim touted the collaboration between all levels of government and developers to address Vancouver’s housing crisis.

“Housing is a regional challenge that requires coordinated support,” he said. “The city is grateful for today’s $574 million federal investment—a meaningful step toward meeting urgent housing needs. We’re also doing our part by supporting projects like 277 West 42nd Avenue, where we waived $2.5 million in development cost levies to make 211 new rental homes possible.”

Developers are also playing a critical role, said Andrew Joblin, vice-president of development at Marcon.

“Marcon is committed to providing impactful housing solutions that meet the diverse needs of people in our city. Programs like ACLP enable us to further contribute toward addressing Vancouver’s housing challenges and to continue building inclusive, vibrant communities.”

The other three projects receiving federal money are:

• 1099 Harwood Street (Harwood North): $185 million loan for 275 units by Bosa Properties.
• 1066 Harwood Street (Harwood South): $184 million loan for 274 units by Bosa Properties.
• 1317 Richards Street: $94 million loan for 193 units by MCYH Multi-Generational Housing.

As of September 2024, the ACLP had committed $20.65 billion to support the construction of about 53,000 rental homes across Canada.
Recent program extensions include funding for on-campus student housing and independent seniors’ housing, with applications opening on Friday.

The ACLP is managed by the Canada Mortgage and Housing Corporation.

Pictured: W42 project in Vancouver’s Oakridge area

Rendering: CNW Group/Government of Canada