Canada creates over 350 units of affordable housing in Burnaby

Burnaby, BC, March 14, 2023

Today, the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, Terry Beech, Member of Parliament for Burnaby North-Seymour and Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance, and Mike Hurley, Mayor of Burnaby announced over $154.5 million in funding for Burnaby to create 358 units of affordable housing.

The federal government is providing more $10.5 million in funding to Burnaby, one of the 41 recipients of the third round of the Rapid Housing Initiative’s (RHI) city stream, to create at least 21 new units.

This funding is made possible by the Government of Canada’s additional investment of $1.5 billion through RHI, bringing the program’s total to $4 billion to support the country’s most vulnerable. This additional investment in the RHI is expected to create at least 4,500 more affordable housing units for Canadians in severe housing need across the country, with 25% of investments going towards women-focused housing projects.

RHI provides funding to facilitate the rapid construction of new housing and the acquisition of existing buildings for the purpose of rehabilitation or conversion to permanent affordable housing units. The additional funding for the third round of RHI will be divided into two streams: $1 billion through the Projects Stream and $500 million towards the Cities Stream.

Also included in today’s announcement, alongside Luke Harrison, President, Catalyst Community Developments Society, is a combined $144 million investment that will create 337 new affordable rental homes at two projects in Burnaby. The federal government is providing more than $113 million through the National Housing Co-Investment Fund (NHCF), a key pillar of the National Housing Strategy, while the City of Burnaby is providing over $31 million in funding and equity.

The two NHCF projects are located at 7392 16^th Avenue, which has 203 units, and 6889 Royal Oak Avenue, which has 134 units. The two six-storeys buildings, owned and operated by Catalyst Community Developments Society will be rented at below market and near-market rates and will feature a mix of studio, one-bedroom, two-bedroom and three-bedroom homes. The projects, containing barrier-free common areas and universal design, are located close to several amenities including schools, neighbourhood parks, healthcare services, public transit, libraries, childcare services, grocery stores and more.

Construction is underway at both projects, with 6889 Royal Oak Avenue expected to be completed by spring 2025 and 7392 16^th Avenue by summer 2025.

Quotes:

“Everyone deserves a safe and affordable place to call home. Through the Rapid Housing Initiative and the National Housing Co-Investment Fund, over 350 families in Burnaby will have a place to raise their families and pursue their dreams. By working closely with our partners to create more affordable housing that meets the needs of Canadians, our government is continuing to deliver meaningful results for Canadians. This is one of the many ways the National Housing Strategy continues to ensure no one is left behind.”
— The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion

“Through these investments, our government is taking action to increase the supply of new rental developments, providing housing options that are closer to public transit, schools and services for hard-working Canadians. These projects will strengthen the local community and provide access to safe, reliable housing. Our government remains committed to working with our partners to develop and implement solutions to housing both in Burnaby and across Canada.”
— Terry Beech, Member of Parliament for Burnaby North-Seymour and Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance

“Four years ago, we made a promise to Burnaby residents to take action to create more affordable housing across our community. We know that as the cost of housing increases, the most vulnerable people in our community are the most affected. These investments represent another important step towards delivering on our promise – and ensuring that everyone in Burnaby can find a home, afford a home and feel at home.”
— Mike Hurley, Mayor of Burnaby

“Catalyst is honoured to be creating homes affordable to people that live and work in Burnaby. This partnership between the City of Burnaby, CMHC, and Catalyst is the only way that housing affordable to local area incomes can be delivered, and it starts with the kind of leadership we have in Burnaby. Leadership committed to closing the gap between incomes and housing costs.”
— Luke Harrison, President, Catalyst Community Developments Society

Quick facts:

The Government of Canada’s National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82+ billion to give more Canadians a place to call home.
Launched in 2020, the Rapid Housing Initiative (RHI) is delivered by the Canada Mortgage and Housing Corporation (CMHC), under the NHS.
The first two rounds of the RHI exceeded expectations and are expected to create more than 10,000 units instead of the 7,500 initially planned. This includes more than 3,300 units to support women and more than 4,200 units to support Indigenous Peoples.
The RHI takes a human rights-based approach to housing, serving people experiencing or at risk of homelessness and other vulnerable people under the NHS, including women and children fleeing domestic violence, seniors, young adults, Indigenous Peoples, people with disabilities, people experiencing mental health and addiction issues, veterans, 2SLGBTQI+ individuals, racialized groups, and recent immigrants or refugees.
The National Housing Co-Investment Fund (NHCF) is a $13.2 billion program under the National Housing Strategy (NHS) that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people with disabilities, those with mental health or addiction issues, veterans, and young adults.
- Budget 2022 proposes to advance $2.9 billion in funding under the NHCF to accelerate the creation of up to 4,300 new units and the repair of up to 17,800 units.

Additional information:

To find out more, visit RHI3 and eligibility criteria.
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 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, visit: www.placetocallhome.ca
Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.