166 new homes coming to Calgary through the Apartment Construction Loan Program

Solving Canada’s housing challenge requires immediate action to bring down costs. To provide Canadians with increased access to affordable and sustainable housing, the government today announced along with the City of Calgary a combined investment of over $75 million for the conversion of 166 housing units for new immigrants, students, and young couples.

The announcement was made by Corey Hogan, Parliamentary Secretary, Member of Parliament for Calgary Confederation on behalf of The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside Jyoti Gondek, Mayor of Calgary.

Located at 606 4 Street SW, the building formerly known as the Barclay Centre, a 55-year-old, 16-storey office building will be reimagined as into a 166-unit purpose-built rental building consisting of modern studio, one- and two-bedroom suites that will be open to residents in late 2027.

With Courthouse Park and Harley Hotchkiss Gardens across the street, and just steps away from two CTrain stations and the CORE Shopping Center, the project highlights the walkable, connected urban lifestyle that is drawing more residents and investment into downtown Calgary. Other building amenities will include 17 accessible units, a shared fitness centre, two common lounges for media and social functions, a co-working space and a shared exterior patio and BBQ.

As we build a strong Canadian housing sector, purposeful collaboration will be essential. That means working hand-in-hand with the non-profit sector to bring down costs and build homes at a scale and speed not seen since the Second World War.

Quotes:

“Our Government is committed to driving housing supply to bring housing costs down. This project will create more much-needed rental homes for the people living and working in Calgary. It’s an example of what’s possible when governments and the private sector work together. It’s also another step forward in our bold, ambitious plan to build Canada strong.”

“The momentum we’re seeing downtown is the result of years of strategic investment and collaboration. This conversion is another example of how working with the private sector is reshaping our downtown while delivering housing, driving economic growth, and building the future for all Calgarians.”

“We are proud to partner with the CMHC and the City on this transformative project. It’s a powerful example of how public-private collaboration can creatively address housing needs while transforming underused office space into vibrant residential communities in the heart of downtown.”

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 are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed.
  • As of March 2025, the federal government has committed $65.84 billion to support the creation of over 166,000 units and the repair of over 322,000 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.
  • NHS is built on strong partnerships between the federal, provincial, and territorial governments, and continuous engagement with others, including municipalities, Indigenous governments and organizations, and the social and private housing sectors. This includes consultations with Canadians from all walks of life, and people with lived experience of housing need.
• 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 – 2032.
  • 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 March 2025, CMHC has committed $23.35 billion in loans through ACLP to support the creation of more than 59,000 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 – 2028 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 Downtown Calgary Development Incentive Program is a cornerstone of the broader Downtown Strategy. Since launching in 2021, the program has generated $4 in private investment for every $1 of public funding that is building a downtown that serves Calgary today and in the future.
  • The program currently boasts three complete conversions, including the recently opened Element Calgary Downtown. Another four conversions are expected to open to residents in 2025, further advancing downtown as a vibrant, mixed-use community where Calgarians can live, work and play.
  • To date, 21 office conversion projects have been approved, repurposing over 2.68 million square feet of vacant office space into 2,628 new homes, 226 hotel rooms, and a hostel.
• Funding provided for 606 4th Street Southwest is as follows:
  • $64.3 million from the federal government, through the National Housing Strategy’s Apartment Construction Loan Program
  • Up to $10.5 million from the City of Calgary Incentive Funds
  • $9 million from 606 Fourth Inc in cash equity

Additional information:

Visit canada.ca/housing for the most-requested Government of Canada housing information.

CMHC plays a critical role as a national facilitator to promote stability and sustainability in Canada’s housing finance system. Our mortgage insurance products support access to homeownership and the creation and maintenance of rental supply. We also actively support the Government of Canada in delivering on its commitment to make housing more affordable. Our research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity, and climate compatibility. Follow us on X, YouTube, LinkedIn, Facebook and Instagram.

Learn more about how The City of Calgary and partners are shaping a greater downtown at calgary.ca/DTS.

Information on this news release:

Renée LeBlanc Proctor
Office of the Minister of Housing and Infrastructure
renee.proctor@infc.gc.ca

Media Relations
Canada Mortgage and Housing Corporation
media@cmhc-schl.gc.ca

Media Relations
City of Calgary
media.relations@calgary.ca