Canada invests in the construction of rental housing in Quebec City

Québec, Québec, November 12, 2025

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 announced over $63.2 million in combined funding to help build 264 rental homes in Quebec.

Les Appartements Malmo, part of a larger residential complex called Les Jardins du Vallon, is a six-storey building that includes 264 housing units. The project aims to deliver tangible social outcomes in terms of affordability, energy efficiency, and accessibility. It offers high-quality multi-residential units with premium finishes and modern amenities. Residents will enjoy convenient access to public transit, electric vehicle infrastructure, ride-sharing services, play areas, courtyards, and much more.

The announcement was made by the Honourable Joël Lightbound, Minister of Government Transformation, Public Works and Procurement, and Member of Parliament for Louis-Hébert, at the Appartements Malmo site.

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:

“Our government is taking concrete action to provide housing for Quebecers and Canadians. Through the Affordable Housing Fund, projects like Les Appartements Malmo are helping build real, accessible, modern, and sustainable homes that make a real difference for families and the community. I am proud to see this initiative creating opportunities and improving people’s lives here in Sainte-Foy.”
— Honourable Joël Lightbound, Minister of Government Transformation, Public Works and Procurement, and Member of Parliament for Louis-Hébert

“For the Appartements Malmo project, CMHC’s contribution through the ACLP is significant! We received $63 million in financial support to bring this project to life. This essential funding allows us to raise our standards in terms of energy efficiency and to offer 70% of the units that meet CMHC’s affordability criteria within the project. In a well-known and much-discussed context of a housing crisis, this is for us a concrete and meaningful action!”
— Éric Bilodeau, General Director of Bilodeau Immobilier

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.
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.

Additional information:

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

Learn more about BCH

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.