Canada supports 116 new rental homes in Burnaby

Burnaby, British Columbia, February 20, 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 launched Build Canada Homes, which will help increase the pace of affordable homebuilding. 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.

Today, the federal government, along with the Province of British Columbia, the City of Burnaby, and Waterleaf Housing Society announced over $55 million in combined funding to help build 116 secure, rental homes in Burnaby. The homes, located at 6337 Cassie Ave, are part of the Reign, a high-density redevelopment that replaces older market-rental units with modern, below-market homes designed to support middle-income earners over the long term.

The project is located in Burnaby’s Metrotown neighbourhood, close to the Skytrain, grocery stores, and other amenities. The new building will also be within walking distance to Burnaby’s 86-hectare Central Park. Waterleaf Housing Society will own and operate the 116 homes, including 92 one-bedroom and 24 two-bedroom units, when they open in 2028.

The announcement was made by Wade Chang, Member of Parliament for Burnaby Central, on behalf of the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada alongside the Honourable Christine Boyle BC’s Minister of Housing and Municipal Affairs, Paul Choi, Member of the Legislature for Burnaby South-Metrotown, Mike Hurley, Mayor City of Burnaby, and Beau Jarvis, President and CEO of Wesgroup Properties, on behalf of Waterleaf Housing Society.

Quotes:

“Today’s announcement represents a significant step forward in addressing Burnaby’s housing needs and building on the strong momentum already underway. With more than 100 new rental homes coming to the Metrotown neighbourhood, we’re helping families, workers, and young people put down roots and thrive in Burnaby. Through collaboration with all levels of government and partners like Waterleaf, we’re building a more inclusive future where everyone belongs.”
— Wade Chang, Member of Parliament for Burnaby Central on behalf of the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada

“We are making sure people have access to homes that support their daily routines through BC Builds. By replacing aging units with new homes close to transit, schools, and the services people rely on, we’re helping more people stay connected to their community, reduce long commutes, and build stability for the long term.”
— The Honourable Christine Boyle, Minister of Housing and Municipal Affairs

“People want to stay close to their workplaces, schools and services they rely on, and these new homes will help make that possible. Creating more of these homes helps strengthen our neighbourhoods and gives people the stability and opportunity to thrive in the community they call home.”
— Paul Choi, Member of the Legislature for Burnaby South-Metrotown

“This project is a great example of how collaboration between government and the private sector can deliver more affordable homes for Burnaby families," said Mayor Mike Hurley. "Providing these homes at below-market rates will help foster the vibrant and diverse neighbourhoods that make our city so special.”
— Mike Hurley, Mayor, City of Burnaby

“We’re grateful for the support of our federal, provincial partners in making this project possible. Homes in this building will be offered to residents who previously lived on the site, providing them with the opportunity to return to a brand-new building in the same community. Through Waterleaf Housing Society, we’re committed to providing secure, long-term rental housing that strengthens neighbourhoods and supports residents over the long term.”
— Beau Jarvis, President and CEO Wesgroup Properties on behalf of Waterleaf Housing Society

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 September 2025, CMHC has committed $28.15 billion in loans through ACLP to support the creation of more than 71,400 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.
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 repayable loans.
- 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.
Funding provided for 6337 Cassie Ave includes:
- $24.6 million from the federal government, through the Apartment Construction Loan Program under the Canada – BC Builds agreement.
- $19.6 million from Province of BC through BC Builds at BC Housing
- $10.4 million ash equity from Wesgroup Properties
- $480,472 from the City of Burnaby through a subsidy

Additional information:

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

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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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

Waterleaf Housing Society is a non-profit housing provider established by Wesgroup Properties to deliver, own, and manage non-profit rental housing.