324 Housing Units Coming to Burnaby

GoC EN (CNW Group/Canada Mortgage and Housing Corporation)

CMHC (CNW Group/Canada Mortgage and Housing Corporation)

BURNABY, BC, April 16, 2021 /CNW/ - Every Canadian deserves a safe and affordable place to call home.

Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), and Terry Beech, Member of Parliament for Burnaby North, announced a $101.9 million federal investment, $2.7 million of which will be forgivable.

A subsidiary of Bosa Properties will develop a 34-storey 324-unit high-rise building located at 5980 Kathleen Avenue in Burnaby, including 101 units of affordable housing.

The development is centrally located in the Burnaby City Centre in close proximity to Metrotown with easy access to all amenities. The project will provide a range of premium amenities including car wash, pet wash area, gym, co-working space, outdoor amenity space.

Bosa Properties is receiving financial support for the project located at 5980 Kathleen Avenue through the National Housing Co-Investment Fund (NHCF), a flagship initiative of the National Housing Strategy (NHS). 

Construction is expected to begin in Spring 2021, and is estimated to be completed by 2024.

Quotes:

"Every Canadian deserves a safe and affordable place to call home. This project in Burnaby City Centre is a testament to what can be achieved when we come together with the shared purpose of providing safe and affordable homes for families and individuals that need it most. I look forward to seeing the positive impact this project will have the families and the community across Burnaby." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation

"Our region knows the impacts of the housing crisis all too well, and in Burnaby, it is especially acute for young families and seniors alike. Addressing this crisis requires all orders of government and stakeholders to play a key role. Today's announcement shows what is possible when there is a commitment among these actors to work together. The building on Kathleen is the result – this is the National Housing Co-Investment Fund in action!" – Terry Beech, Member of Parliament for Burnaby North

"We are proud to have the opportunity to partner with the Federal Government and the City of Burnaby on a purpose-built rental building that will bring many more affordable homes to the heart of Metrotown. It takes all levels of government and participation by the private sector to start moving towards a solution. We are thankful for the support, and look forward to seeing the community of Burnaby thrive for generations to come."– Colin Bosa, CEO Bosa Properties

Quick facts

• The Government of Canada acknowledges this development will be located on the ancestral and unceded homelands of the hən̓q̓əmin̓əm̓ and Sḵwx̱wú7mesh speaking peoples

• With a budget of $13.2 billion, the NHCF gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous people, people with disabilities, those with mental health or addiction issues, veterans and young adults.

• Through the NHCF, the Government of Canada will work with partners to build up to 60,000 new affordable homes and repair up to 240,000 existing affordable and community homes.

• Under the NHCF, investments are also planned to create or repair at least 4,000 shelter spaces for victims of family violence, as well as create at least 7,000 new affordable housing units for seniors and 2,400 new affordable housing units for people with developmental disabilities.

• Canada's National Housing Strategy (NHS) is a 10-year, $70+ billion plan that will give more Canadians a place to call home—this includes more than $13 billion committed through the 2020 Fall Economic Statement.

Related links:

• As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that by 2030, everyone in Canada has a home they can afford and that meets their needs. For more information, please visit cmhc.ca or follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation

Mikaela Harrison, Press Secretary, Office of the Minister of Families, Children and Social Development, 819-654-5546, [email protected]; Leonard Catling, Media Relations, Canada Mortgage and Housing Corporation, [email protected]

Related Links

www.cmhc-schl.gc.ca