Canada announced over $17 million for rental homes in Squamish

Squamish, British Columbia, February 13, 2025

Today, the federal government announced $17.4 million to build 44 rental homes in Squamish. The funding will come as fully repayable low-interest loans through the Apartment Construction Loan Program.

The announcement was made by Patrick Weiler, Member of Parliament for West Vancouver—Sunshine Coast—Sea to Sky Country on behalf of the Honorable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities alongside Jason Wood, President of Diamond Head Development.

Located at 39180 Finch Place, Artemis will be a six‐storey building offering 44 rental apartments for low- to moderate-income households. It includes a mix of one-, two-, and three-bedroom units. The building will be designed with sustainability in mind, using energy-efficient materials and systems to minimize its environmental impact. The building is part of the Finch Drive community and will feature common amenities such as outdoor space, balconies, in-suite laundry, bike storage, meeting room, and parking. The project is expected to be completed by late 2025.

Canada’s construction of rental homes has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the Apartment Construction Loan Program to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.

Quotes:

"The Government of Canada is proud to invest over $17 million to build 44 new, affordable homes for Squamish that will allow residents to live, work and play in our growing community. This innovative new housing development will save residents money through state of the art energy efficiency measures. The federal government is focused on supporting the development of affordable housing, as well as working with municipalities to speed up the construction of new housing to meet the needs of all residents in our communities."
— Patrick Weiler, Member of Parliament for West Vancouver—Sunshine Coast—Sea to Sky Country

“Diamond Head Development is proud to partner with CMHC to bring much-needed affordable rental homes to Squamish. At Finch Drive, we're creating the most environmentally conscious community in the Sea to Sky region. This thoughtfully designed neighbourhood has homes built to the highest sustainability standards. Our goal is to inspire other developers to embrace this standard of building and help shape a more sustainable Squamish.”
— Jason Wood, President, Diamond Head Development

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 Funding Initiatives Map shows affordable housing projects that have been developed.
- As of September 2024, the federal government has committed $57.57 billion 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 2027-2028 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 application intake including these enhancements opened 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.
Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.