The federal government is investing $675.6 million in contributions and low-cost repayable loans to support the construction and repair of 5,099 homes across 83 multi-family rental housing projects in B.C.

Federal Housing Minister Nathaniel Erskine-Smith announced the investment Friday at Wesgroup’s Oak & 41st project in Vancouver, which is among the developments receiving loans through the federal funding.

“The market alone won’t deliver the housing affordability we need,” Erskine-Smith said. “These projects represent major progress in returning a strong federal role to affordable and non-market housing. It’s now time to double down on that commitment.”

Evan Lewis, Wesgroup’s senior director of development, said the company will receive $226 million in loans for its 41st & Oak project, which will comprise 357 units with 20% of those offered at below-market rents.

The federal funds include $141.2 million in fully repayable low-interest loans and $50.3 million in contributions through the Affordable Housing Fund and $321.7 million in loans via the Apartment Construction Loan program.

The B.C. government is contributing nearly $300 million to support the delivery of nearly 1,000 homes as part of its broader $19-billion housing investment strategy. Since 2017, the province has built or started more than 90,000 homes, with plans to deliver thousands more over the next decade.

The announcement also included details on the Canada-BC Builds agreement, which was launched in February 2024 as part of Canada’s Housing Plan. The agreement provides $2 billion in low-cost federal financing, matching B.C.’s commitment of $2 billion in financing and $950 million in funding.

It aims to accelerate housing construction by creating at least 9,000 rental units, with 1,800 of those set aside as affordable for middle-income residents for 35 years.

The agreement also streamlines project approvals, reduces administrative red tape, and supports a broader range of developers to build housing faster, said the federal government. By co-ordinating efforts, the federal and provincial governments anticipate that 1,000 more units will be built than if the investments had been made separately.

“The secure, reliable financing provided by CMHC is making housing delivery viable in today’s challenging market,” said Lewis. “These investments help housing providers move projects forward, delivering much-needed homes and supporting well-paid construction jobs.”

More project-specific details are expected to be announced in the coming weeks.

Pictured: Federal Housing Minister Nathanial Erskine-Smith (left) and Vancouver-area Liberal MPs appear at a news conference in Vancouver on Friday.

Photo: © Monte Stewart. All rights reserved. May not be published elsewhere.