Canada announces funding for 234 rental homes in Abbotsford

Changes in the global trading system are causing massive disruptions and uncertainty for Canadians. The world has changed, and Canada’s economic strategy must change.

Budget 2025: Canada Strong is our plan to transform our economy from one that is reliant on a single trade partner to one that is stronger, more self-sufficient, and more resilient to global shocks. This budget is a plan to enable $1 trillion in investments over the next five years. This is a plan for Canada to give ourselves more than any foreign government can take away — a plan to build Canada strong.

Central to that plan is building — major infrastructure, millions more homes, and strong communities. To that end, the Government of Canada launched Build Canada Homes which will help double the pace of homebuilding over the next decade to increase housing supply, alongside other measures. It will also transform public-private collaboration and deploy modern methods of construction, as it catalyses the creation of an entirely new Canadian housing industry. This new federal agency will build affordable housing at scale, including transitional and supportive housing, deeply affordable and community housing, and affordable homes for the Canadian middle class.

As we build a strong Canadian housing sector, purposeful collaboration will be essential. That means working together with the private and non-profit sector to bring down costs and build homes at a scale and pace not seen in generations. These investments are also providing Canadians with increased access to affordable and sustainable housing.

Solving Canada’s housing crisis requires immediate action to bring down costs, cut red tape, and build homes more quickly. As part of the Government of Canada’s broader efforts to respond to the housing crisis, work is being done across the housing continuum to respond to the needs of communities across Canada.

To that end the Apartment Construction Loan Program (ACLP) provides fully repayable low-interest loans to catalyse the construction of more rental units for middle-class Canadians. Today, the federal government, along with the Province of British Columbia, the City of Abbotsford and Affordable Housing Societies announced approximately $72 million in federal funding to help build 234 secure rental homes through two projects in Abbotsford.

The announcement was made at 2946 Horn Street, where 104 new rental homes are being constructed for middle and moderate-income families, seniors and individuals. This is the first project under construction being delivered through the historic Canada – BC Builds Agreement where both governments commit a combined $4 billion in repayable loans to deliver more housing and more affordability than either could achieve alone. The project will include a mix of one-two and three-bedroom homes to fit the diverse needs of residents. There will also be indoor and outdoor community amenity spaces, and new walking trails that provide easy access to schools in the neighbourhood.

The Province, through BC Builds at BC Housing, is providing a $13.2-million grant to support the development of these homes. This investment is part of the Province’s broader $19-billion housing strategy and reflects its commitment to delivering attainable housing for middle-income families, seniors, and individuals.

Montecito, the second project receiving federal funding, will provide an additional 130 new rental homes for Abbotsford. Located at 32123 George Ferguson Way, the homes will be designed to meet the changing needs of residents and include a number of smaller self-contained units that are highly sought after by a range of demographics.

The announcement was made by the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside Ernie Klassen, Member of Parliament for South Surrey – White Rock, Ross Siemens, Mayor of Abbotsford and Stephen Bennett, Chief Executive Officer, Affordable Housing Societies.

The past year has revealed there are limits to Canada’s economic independence. Budget – 2025 is tackling that challenge head on. It is our plan to take control and build the future we want for ourselves. It is our plan to build Canada Strong.

Quotes:

“These two projects in Abbotsford will make a real impact on lives in this city, and it’s another step forward in our bold, ambitious plan to build Canada strong. Our Government is proud to support this initiative, as we work hard to build strong, affordable communities across the country.”

“The Government of Canada is committed to increasing housing supply to enable enhanced affordability. These projects are an example of what’s possible when all levels of government and the private sector work together. It’s also another step forward in our ambitious plan to build Canada strong.”

“This project marks a significant collaboration with Canada that shows confidence in the work we’re doing here in BC to deliver homes for people. With this support, we're helping build a future where middle-income families and workers can afford to live and thrive in the communities they love. These 104 BC Builds homes in Abbotsford will provide secure housing, making a real difference for people who keep our communities strong.”

“Abbotsford is a rapidly growing city, and access to safe, affordable housing remains a top priority for our community. We are grateful for and encouraged by this investment from the Government of Canada and the Province of British Columbia in new rental housing options here in Abbotsford. This partnership ensures that more individuals and families can find a place to call home, set down roots, and build their future right here in our city.”

“We are grateful for the incredible financial commitments made to this project by the Government of Canada through CMHC, and the Province of British Columbia through BC Builds. We are also grateful for the City of Abbotsford for their unwavering support for this project since we first brought the concept forward to City Council. We along with all our partners on this project look forward to getting this building constructed and seeing the difference that safe affordable housing makes for families and individuals in the Abbotsford community.”

“Wiebe Properties has been a leader in developing and managing multi-family properties for over 50 years. We would like to thank CMHC and the City of Abbotsford for their support in this project. The Douglas, currently under construction at 32123 George Ferguson Way, features 130 new Purpose-Built Rental Homes with built-in air conditioning, in-suite laundry and a guest suite for family and friends. We look forward to welcoming residents in Fall 2026.”

Quick facts:

• The $55 billion Apartment Construction Loan 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 June 2025, CMHC has committed $24.9 billion in loans through ACLP to support the creation of more than 63,500 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.
• The Canada – BC Builds agreement is providing approximately $5 billion in new investments from both orders of government to create at least 9,000 new rental units, including a minimum of 1,800 units that will be affordable for 35 years for middle-income Canadians living in British Columbia.
  • The total investment includes $950 million from BC in contributions and $2 billion in provincial financing, matched by $2 billion in low-cost federal repayable loans.
  • Under this agreement, BC is partnering with non-profits, local governments, First Nations, and homebuilders to identify available and underused land and, using lower government borrowing rates, offer low-cost financing to build more homes. By working together and ensuring faster approvals, streamlined administration and less red tape, some 1,000 more units will be created than if the same investments were made separately.
  • BC Builds is part of BC’s $19-billion housing investment. Since it launched, more than 3,900 homes are underway, bringing more housing options to people with middle incomes in the province.
  • Since 2017, the Province has more than 93,600 homes delivered or underway throughout BC
• Funding for these projects are as follows:
• 2946 Horn Street
  • $31.7 million from the federal government, through the National Housing Strategy’s Apartment Construction Loan Program (Canada – BC Builds carve out)
  • $13.2 million though BC Builds grant
  • $9.8 million in cash and land equity from Affordable Housing Societies
• Montecito – 3123 George Ferguson Way
  • $40 million from the federal government through the Apartment Construction Loan Program
  • $7.3M in cash and land equity from Wiebe Properties
  • $457,218 from the City of Abbotsford

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.

To learn how B.C. is working to deliver more homes for people, visit: https://gov.bc.ca/homesforpeople.

Information on this news release:

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

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

Ministry of Housing and Municipal Affairs
Media Relations
hmamedia@gov.bc.ca

BC Housing
Media Relations
media@bchousing.org