Canada invests in more than 5,000 homes in British Columbia

Today, the Government of Canada announced more than $675.6 million in contributions and low-cost repayable loans to build and repair 5,099 homes through 83 housing projects located across different municipalities in British Columbia.

These projects are supported through various initiatives under the National Housing Strategy (NHS) and aim to address needs across the housing continuum for diverse communities, prioritizing British Columbia’s most vulnerable populations.

The funding announced today includes:

• $141,184,527, in loans and $50,333,956 in contribution through the Affordable Housing Fund (AHF), which will help create 723 new units and repair 207 units across 21 projects.
• $15,000,000 in loans and $5,490,864 in contribution through the Affordable Housing Innovation Fund (AHIF), which will help create 1,449 new units across 4 projects.
• $321,666,000 in loans through the Apartment Construction Loan Program (ACLP), which will help create 632 new rental units across 5 projects, with affordability conditions.
• $2,007,735 in contribution through the Canada Greener Affordable Housing (CGAH), which will help repair 1,477 units across 25 projects.
•  $136,699,175 in contribution through the Rapid Housing Initiative (RHI), which will help create 450 new units through 25 projects.
• $3,229,999 in contribution through the Federal Lands Initiative (FLI), which will help create 161 new units across two projects.

Of these units announced today, the BC Government is contributing almost $300M in funding and financing to help deliver nearly 1000 homes in communities throughout B.C. These projects are part of the provincial government’s $19-billion investment in homes for people and to drive the construction of more homes people can afford. Since 2017, the Province has more than 90,000 homes delivered or underway, with actions underway to help deliver thousands more over the next 10 years.

The announcement also included details about the Canada – BC Builds agreement, which was announced in February 2024. This agreement, as part of Canada’s Housing Plan, provides $2 billion in low-cost loans through the Apartment Construction Loan. This builds upon the Province of BC’s commitment of $2 billion in low-cost financing and $950 million in funding, and will help increase housing construction across the rental continuum by: 

• Building 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.
• Ensuring faster approvals and streamlined administration so that more housing can be built quicker and with less red tape — all without losing sight of affordability, accessibility and environmental performance.
• Supporting a broader array of developers and new housing providers to finance more housing while growing current and future capacity to deliver more homes, faster.

Through investments like these, the federal government is working to address the housing crisis, so that everyone has a safe and affordable place to call home today — and so future generations have the same opportunity to rent or own a place of their own as generations that came before them.

Project-specific details will be announced locally in the coming weeks.

Quotes:

“The market alone won't deliver the housing affordability we need. These projects represent major progress in returning a strong federal role to affordable and non-market housing. It's now time to double down on that commitment.”

“Now more than ever, people deserve to have a home they can afford. We’re pleased to have the Government of Canada contribute to BC’s work to tackle the urgent housing challenges we face, and we look forward to the positive impact these new investments will have on our province.”

“Providing good quality, affordable housing is, and must be, a priority for all of us. Investments like these reaffirm our commitment to building high-quality housing in our community and across the country. Our government has taken bold steps, the results of which are being seen through these projects and others like them nationwide.”

“The secure, reliable financing provided by CMHC is making housing delivery viable in today’s challenging market. These investments help housing providers move projects forward, delivering much-needed homes and supporting well-paid construction jobs. At Wesgroup, we have seen firsthand how this support enables both market and below-market rental housing, including our Oak & 41st project, which is now under construction. We’re pleased to see this latest round of investment and the positive impact it will have on communities across British Columbia.”

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 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 Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to partnered organizations for new affordable housing and the renovation and repair of existing, affordable and community housing. This is a $14.6 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 living with disabilities, those with mental health or addiction issues, Veterans, and young adults.
  • As of September 2024, the Government of Canada has committed $10.34 billion to support the creation of over 40,000 units and the repair of over 166,000 units through the Affordable Housing Fund.
  • Budget 2024 announced enhancements to the AHF which includes the program being extended from 2025 – 2026 to 2028 – 2029. The existing New Construction Stream is now divided into two dedicated sub-streams: a Rapid Housing Sub-Stream for the creation of shelters, supportive and transitional housing for those in greatest need, and a dedicated Community Housing Sub-Stream to support affordable and mixed-market housing where there are both affordable and market rent units in a project. The Repair and Renewal Stream has replaced minimum requirements with an approach where projects supporting accessibility and energy efficiency will be prioritized.
• The Rapid Housing Initiative (RHI) is delivered through the Canada Mortgage and Housing Corporation (CMHC) under the NHS. It 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. With its third phase, launched in 2022, the Rapid Housing Initiative once again exceeded targets. It is expected that with this phase over 5,200 new homes will be created, of which almost half will be for women and one third will be for Indigenous Peoples. The total number of units created with the support of Rapid Housing Initiative is expected to be over 16,000 units. The program is now closed.
• The RHI takes a human rights-based approach to housing, serving people experiencing or at risk of homelessness and other vulnerable people, 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 $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 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 Federal Lands Initiative (FLI) is an over $318 million fund that supports the transfer of surplus federal lands and buildings to be used as affordable housing. The FLI is a National Housing Strategy initiative delivered by Canada Mortgage and Housing Corporation (CMHC), Housing Infrastructure and Communities Canada (HICC), Public Service and Procurement Canada (PSPC) and Canada Lands Company (CLC).
• The Affordable Housing Innovation Fund (AHIF) is providing $615.5 million for projects that showcase new funding models and innovative building techniques. The investment is expected to support the construction of over 29,000 new affordable housing units over six years.
• The Canada Greener Affordable Housing (CGAH) is providing $1.2 billion to make multi-unit rental housing serving low- and moderate-income households more energy efficient and environmentally friendly.
  • CGAH is a financing program to help community housing providers complete deep energy retrofits on their multi-unit residential buildings, improving their quality and adapting homes to the effects of climate change and extreme weather events leading to deep reductions in energy consumption and greenhouse gas (GHG) emissions.
  • CGAH provides contributions for pre-retrofit activities needed to plan, prepare, and apply for retrofit funding as well as forgivable and low-interest loans to help finance building retrofits and activities needed to meet climate objectives.
  • Funding has been provided to 25 British Columbia housing providers to complete pre-retrofit activities and assess their eligibility to undertake deep energy retrofit projects.
• 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 financing.
  • 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.

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 and Infrastructure Project Map shows affordable housing projects that have been developed.

Information on this news release:

Sofia Ouslis
Office of the Minister of Housing, Infrastructure and Communities
Sofia.Ouslis@infc.gc.ca

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