New affordable homes coming to Vancouver

Solving Canada’s housing crisis requires immediate action to build up supply and bring down costs. The Government of Canada is stepping up with unprecedented investments to supercharge housing construction in Canada. To that end, the federal government launched Build Canada Homes a new federal agency that 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 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.

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. Today, the federal government, along with the Province of British Columbia and the City of Vancouver announced approximately $69 million in combined funding to help build 112 secure, affordable rental homes in Vancouver.

The announcement was made by the Honourable Jill McKnight, Minister of Veterans Affairs and Associate Minister of Defense and, Member of Parliament for Delta, on behalf of the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada alongside the Honourable Terry Yung, Member of the Legislature for  Vancouver-Yaletown, on behalf of the Honourable Christine Boyle, Minister of Housing and Municipal Affairs,and Thom Armstrong, Chief Executive Officer, Co-operative Housing Federation of British Columbia.

The homes, at 1220 Seymour, will be located in a sustainable 9-storey building, all above a ground-floor retail component and will be built to Passive House certification and design standards. The completed residences will be managed as a housing co-operative by Community Land Trust, ensuring long-term tenure of affordable rental homes in a highly sought-after and centrally connected area of downtown Vancouver.  New Commons Development (a pan-Canadian non-profit development company) partnered with the Community Land Trust to manage and finance the proposal.

Budget 2025, to be tabled next month, will build on this momentum with further measures to lower costs for builders, catalyse private capital, and double the pace of homebuilding across Canada. Budget 2025 will spend less on government operations and reduce waste, so we can invest more to grow our economy, build more homes, and make life more affordable for you.

Quotes:

“We need to build more, build better and build bolder. Through investments in rental housing, our government is supporting those who need it most, here in Vancouver and across the country. We are committed to strengthening communities through initiatives like this one.”

“Every Canadian deserves a safe place to call home. That’s why our government is working closely with the Province of British Columbia and the City of Vancouver to deliver high-quality housing where it’s needed most. This project is a significant step forward in providing secure, affordable homes for Vancouver residents, while helping to build a more prosperous and resilient economy for all Canadians.”

“This investment is improving the economic and social well-being of families, individuals and seniors who will call 1220 Seymour Street home, and it’s helping make Vancouver a better place to live. This investment is a testament of how successful the Affordable Housing Fund is for Canadians. When people have a secure and affordable home, they gain the confidence they need to succeed and contribute to the community”

“These 112 new homes will provide more housing options for the people who keep our communities running. Through BC Builds, we are delivering safe and secure homes that are within reach for middle-income earners. Projects like this help ensure that the people who contribute to our province every day can continue to live and thrive here.”

“These new homes will provide long-term stability for families, workers, and seniors. I’m proud to see this project move forward under BC Builds, delivering real solutions for people in our neighbourhood. This project is a great example of how we can help us build the kind of housing people in our community need.”

“These 112 new co-operative homes will provide secure, affordable housing in downtown Vancouver. The City of Vancouver is proud to be part of this collaboration, and we remain committed to creating inclusive communities where everyone has a place to call home.”

“This beautiful new development is a prime example of how federal, provincial, and municipal governments can work together with the community housing sector to expand access to permanently affordable housing options. We look forward to welcoming 112 households to this new housing co-op.  Co-ops provide safe, secure, affordable housing to their members while strengthening the surrounding community.”

Quick facts:

• As of June 2025, the federal government has committed $69.62 billion to support the creation of over 170,700 units and the repair of over 322,300 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 $16.1 billion program 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 June 2025, the Government of Canada has committed $12.91 billion to support the creation of over 50,300 units and the repair of over 174,600 units through the Affordable Housing Fund.
  • A dedicated $50 million stream under the National Housing Co-Investment Fund (now AHF) was dedicated to support Black-led organizations to build housing, as well as more affordable housing for Black renter households.
• On September 19, 2025, the Government of Canada announced $1.5 billion top-up in loans for the Affordable Housing Fund’s New Construction Stream, to support the creation of over 5,000 new units starting in 2025-26. Additionally, the Affordable Housing Fund’s Rapid Housing Sub-Stream will be accelerated, by pulling $385 million in funding from future years.
• The federal government also recently released 50 downloadable technical design packages for the Housing Design Catalogue, featuring standardized housing designs for rowhouses, fourplexes, six-plexes and accessory dwelling units across the country. These designs for gentle density help builders and communities reduce the time and cost of developing construction plans, helping to accelerate approvals and construction starts. It will make it easier to add new housing options in established neighbourhoods and prioritizes wood-frame construction that supports local jobs and grows our economy.
• Funding for this project is as follows:
  • $7.1 million contribution and $33.2 million loan through the National Housing Strategy’s Affordable Housing Fund
  • $25 million grant from the Province of British Columbia through BC Builds
  • $13.6 million land lease contribution and $500,000 contribution from the City of Vancouver.

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

To learn how BC Housing is helping to build strong, inclusive communities, visit: https://www.bchousing.org/podcast

Contacts:

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

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

BC Housing
Media Relations
media@bchousing.org