More than 900 New Homes Coming to Vancouver

VANCOUVER, BC, Nov. 14, 2024 /CNW/ - The federal government is providing more than $574 million to help build 953 new rental homes in Vancouver.

The announcement was made by the Honourable Harjit Sajjan, Minister of Emergency Preparedness, and Minister Responsible for PacifiCan and Member of Parliament for Vancouver South.

The announcement took place at 277 42 Ave, which received $110 million to build 211 apartments that are being developed by Marcon Developments Ltd. The development is conveniently located within the Oakridge Municipal Town Centre, adjacent to Columbia Park and is within walking distance to the Oakridge – 41st Avenue Canada Line Station. This building, known as 277 West 42nd is the second phase of a rental construction project, and will feature a mix of studio, one and two-bedroom suites as well as an outdoor common space with barbeques and a children's play area. It is also designed as a co-workspace with meeting rooms and a large board room and is within walking distance to the 41 Avenue Canada Skytrain station. 

A detailed list of all the projects that received funding is provided in an appendix to this release.

Quotes:

"Everyone deserves a place to call their own, and the Apartment Construction Loan is one way we're helping make that a reality for middle-class Canadians. We will keep investing in housing projects like the ones announced today in Vancouver, and working with partners across the country, to end the housing crisis."– The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"As Vancouver's population continues to grow, the need for housing becomes increasingly crucial. 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 it is complete, these four projects will offer much-needed housing for families and individuals that are close to jobs, services and amenities in the community" – Harjit Sajjan, Minister of Emergency Preparedness, and Minister Responsible for PacifiCan and Member of Parliament for Vancouver South

"Housing is a regional challenge that requires coordinated support from all levels of government. 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 42nd Avenue, where today's announcement was made and where we waived $2.5 million in Development Cost Levies to make 211 new rental homes possible. This collaboration brings us closer to an inclusive, accessible Vancouver where everyone has a place to call home." – Ken Sim, Mayor, City of Vancouver 

"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." – Andrew Joblin, Vice President Development, Marcon Developments Ltd.

Quick Facts:

• The National Housing Strategy (NHS) is a 10+ year, $115+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives is updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.
  • As of September 2024, the federal government has committed $57.57billion to support the creation of over 156,000 units and the repair of over 297,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.   
• The $55 billion Apartment Loan Construction Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031-32.
  • The ACLP provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
  • A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs
  • As of September 2024, CMHC has committed $20.65 billion in loans through ACLP to support the creation of more than 53,000 rental homes.
  • It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
  • It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
  • Budget 2024 announced enhancements to the ACLP which includes the program being extended from 2027-28 to 2031-2032. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors housing. There are no longer minimum requirements relating to energy efficiency and accessibility, instead applicants will benefit from making stronger commitments to desired rental supply and social outcomes. The application intake including these enhancements will open on November 22.

Additional Information:

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• 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 everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.

Appendix: Projects receiving funding  

Project Name	Program	Region/City	Funding	Units
W42 -	ACLP	277 42 Ave	ACLP $110.7M loan City of Vancouver - $2.5M Marcon - $4.9M	211
Harwood North	ACLP	1099 Harwood Street	ACLP - $185.4M loan City of Vancouver - $3.9M Bosa Properties - $24.4M cash/land equity	275
Harwood South	ACLP	1066 Harwood Street	ACLP - $184M loan City of Vancouver - $3.9M Bosa Properties - $21M cash/land equity	274
Drake and Richards	ACLP	1317 Richards Street	ACLP - $94M loan MCYH Multi Generational Housing - $34.8 land/cash equity	193
Total			$574.1 million ACLP	953

SOURCE Government of Canada

Contacts: Sofia Ouslis, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]