Canada announces funding for 92 Co-op homes in North Cowichan

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 increase the supply of housing in Canada.

Central to that work, the Government of Canada launched Build Canada Homes, which will help increase the pace of affordable homebuilding to increase housing supply. Build Canada Homes will also help fight homelessness by building transitional and supportive housing — working with provinces, territories, municipalities, and Indigenous communities. It will build deeply affordable and community housing for low-income households, and partner 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, work is being done across the housing continuum to respond to the needs of communities across Canada. To that end 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 Municipality of North Cowichan announced over $65 million in combined funding to build 92 affordable co-op housing units in North Cowichan. The project is expected to be completed in early 2028 and will be owned and operated by the Community Land Trust.

The announcement was made by Stephanie McLean, Secretary of State (Seniors) and Member of Parliament for Esquimalt – Saanich – Sooke, on behalf of the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada alongside Dana Lajeunesse, MLA for Juan de Fuca-Malahat, on behalf of the Honourable Christine Boyle, BC’s Minister of Housing and Municipal Affairs and Rob Douglas, Mayor, Municipality of North Cowichan.

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 committed to helping municipalities like North Cowichan build more affordable housing. By working with all levels of government, projects like these 92 new co-op homes on Sherman Road are providing safe, stable, housing options for Canadians.”

“B.C. is committed to delivering homes that meet the needs of people. Through this new affordable co-op housing in North Cowichan we are helping build creates not just homes, but communities where people support one another. This investment is about providing people, including seniors and families, the stability they need to thrive in the community they call home.”

“These 92 new, affordable co-op homes in North Cowichan will make a real difference for families, seniors, and individuals who need a safe and secure place to live. Affordable housing is essential for strong, healthy communities. I’m proud to see this investment come to our region, and we’ll continue working to ensure people have access to the homes they need to build their lives here.”

“This co-op housing project will make a significant difference for individuals and families in North Cowichan by providing much-needed safe, secure, and affordable townhouse and apartment homes close to existing amenities, including schools, parks, and recreational facilities. We are fortunate to welcome co-op housing to North Cowichan, as it has a proven track record across Canada of fostering mixed-income, inclusive communities where neighbours collaborate on governance, upkeep, and shared values — creating supportive environments that strengthen well-being and long-term housing security.”

“We are thrilled to be developing the first-ever Mid-Island non-profit housing co-op, in partnership with the Municipality of North Cowichan and the federal and provincial governments. It takes an unwavering commitment from all three levels of government and the community housing sector to deliver safe, secure, permanently affordable homes for people of all incomes, no matter where in BC they live. We hope these 92 affordable homes will be the first of many more co-op developments here and all over British Columbia.”

Quick facts:

• 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 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 2025, the Government of Canada has committed $13.72 billion to support the creation of over 54,100 units and the repair of over 174,600 units through the Affordable Housing Fund.
  • On September 19, 2025, the Government of Canada announced $1.5 billion top-up in loans for the AHF’s New Construction Stream, to support the creation of over 5,000 new units starting in 2025 – 26. Additionally, the AHF’s Rapid Housing Sub-Stream will be accelerated, by pulling $385 million in funding from future years.
• Funding provided for 3181 Sherman Rd includes:
  • $44.7 million from the federal government, through the National Housing Strategy’s Affordable Housing Fund
  • $16.6 million from the Province of BC, through BC Housing — approximately $10.4 million from the Building BC: Community Housing Fund, and a Cost Pressures Grant of approximately $6.2 million. The Province is also providing approximately $1.6 million in annual operating subsidy.
  • Approximately $3.6 million from the Municipality of North Cowichan, including $3.2 million in land equity and $447,000 in waived municipal fees.

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.

Follow CMHC on X, LinkedIn, Facebook, Instagram and YouTube.

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

A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC

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

Information on this news release:

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