Canada announces the construction of 73 new rental housing units in Waterloo

Waterloo, Ontario, May 14, 2026

Far too many Canadians are struggling to find homes they can afford. Solving Canada’s housing crisis requires immediate action to bring down costs, cut red tape, and build homes more quickly. The Government of Canada is stepping up with a bold new approach to build affordable housing across the country.

Central to that work, the Government of Canada has launched Build Canada Homes, which is helping increase the pace of affordable homebuilding. Build Canada Homes is also helping fight homelessness by building transitional and supportive housing — working with provinces, territories, municipalities, and Indigenous communities. It is building deeply affordable and community housing for low-income households and partnering with private market developers to build affordable homes for the Canadian middle class.

As part of the Government of Canada’s broader efforts to respond to the housing crisis, investments are being made across the housing continuum to respond to the needs of communities across Canada.

Today, the federal government announced over $52 million in funding to Killam Apartment REIT to help build 128 secure, rental homes in Waterloo. Brightwood, located at 150 Wissler Road, is a six-storey residential building with a ground-floor commercial retail unit. The building includes a common room, outdoor amenity terrace, fitness room, and a total of 36 indoor and 127 outdoor parking spaces. It is situated within close proximity to major employment areas, the Manulife Sportsplex, and Conestoga Mall, providing access to nearby services and amenities.

The announcement was made by the Honourable Bardish Chagger, Member of Parliament for Waterloo, on behalf of the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada alongside Julie Wright, Ward 7 Councillor, City of Waterloo.

The Housing Accelerator Fund (HAF) rewards local governments for pursuing changes that cut red tape and build more homes faster. HAF encourages local solutions that create more housing options by driving innovation, removing barriers and incentivizing updates to planning systems.

Waterloo proposed an ambitious Housing Action Plan which included streamlining municipal processes to speed up permitting, supporting intensification near public transit and rezoning certain employment lands to include residential uses. Waterloo recently received its third HAF installment of nearly $6 million reflecting the successful implementation of its plan.

The Government of Canada is making the housing investments that will help strengthen Canadian supply chains and create good jobs at every step of the homebuilding process — helping to build more homes and a stronger Canadian economy at the same time.

Quotes:

“Our government is committed to driving housing supply to bring down costs. This project will create more rental homes for people living and working in Waterloo and is an example of what’s possible when we work together in partnership with the private sector. This is another step forward in our bold, ambitious plan to build Canada strong.”
— The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada

“We are committed to working with our partners to rise to the challenge of building more housing in our community. Through the Apartment Construction Loan Program, we are taking action to increase the supply of new rental housing by investing more than $52 million in the construction of 128 new homes in Waterloo. This is more than just construction, it’s about creating real opportunities for individuals and families to thrive, to grow, and to build their future with stability and dignity.”
— The Honourable Bardish Chagger, Member of Parliament for Waterloo

“Creating a diverse and stable housing market is a core priority in Waterloo, and projects like Brightwood show how thoughtful, strategic density can strengthen community vibrancy and provide housing options that are close to jobs, transit, parks, and amenities. Rental housing plays an important role in a healthy, inclusive housing market, and this investment helps ensure more people can build stable lives right here in our community. Waterloo is a great place to be, and we’re grateful to the federal government for investing in our community.”
— Julie Wright, Ward 7 Councillor

“Killam is proud to open Brightwood and welcome residents to this new community in Waterloo. Projects like this are an important part of increasing the supply of purpose-built rental housing and giving more Canadians access to quality homes. We value the partnership with the Government of Canada and CMHC in helping make this development possible.”
— Philip Fraser, President and CEO, Killam Apartment REIT

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 December 2025, CMHC has committed $29.45 billion in loans through ACLP to support the creation of more than 74,600 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.
Funding provided for 150 Wissler Road is as follows:
- $52 million from the federal government, through the Apartment Construction Loan Program

Additional information:

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

Build Canada Homes is ready to partner with organizations committed to increasing the supply of affordable housing across Canada. Learn more about the portal and the Investment Policy Framework.

CMHC plays a critical role as a national convenor to promote stability and sustainability in Canada’s housing finance system. CMHC’s mortgage insurance products support access to home ownership and the creation and maintenance of rental supply. CMHC research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, CMHC contributes to advancing housing affordability, equity, and climate compatibility. CMHC actively supports the Government of Canada in delivering on its commitment to make housing more affordable.

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