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Pacific Canada  + Canada  + Multi-residential Housing  | 
The federal government is investing about $150 million in three rental-housing developments on Vancouver's west side

Feds Investing $150M in Vancouver Multi-Res Projects

The federal government is investing $150 million in three multi-residential real estate development projects on Vancouver’s west side.

Ottawa’s investment is mainly in the form of three fully repayable low-interest loans through Canada Mortgage and Housing Corporation’s rental-construction finance initiative. The three projects comprise more  than 364 purpose-built rental homes, according to a federal news release.

Two projects are located on the University of British Columbia campus.

The largest federal outlay went to the off-campus 19 on the Greenway project under construction at 3619 and 3681 Arbutus Street. The project’s developer, PCI Developments, furnished $30.7 million in cash equity.

The two UBC projects, which are faculty and staff housing developments, have already been built.

The 110-unit received a $44.2-million loan from CMHC, while Natural
Resources Canada contributed $3.5 million. Meanwhile, the 136-unit Mundell House obtained $46.4 million in federal financing.

UBC provided Evolve and Mundell House with $15.1 million and $23.6 million, respectively, in land equity.


Inside The Story

CMHCMonte Stewart

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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