Funding to support construction of new affordable homes in Vancouver

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. We are focused on building great neighbourhoods that Canadians want to, and can afford to live in.

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, alongside the Province of British Columbia, the City of Vancouver, the University of British Columbia, and MAC Housing and Development Society announced combined funding of more than $96 million to help build 118 secure, rental homes in Vancouver. This includes more than $41.9 million through the Affordable Housing Fund.

The project includes a mix of 79 middle-income homes, as well as 39 shelter-rate income assistance units, with several designed for large and multi-generational families. The project will also include commercial, educational and cultural gathering spaces such as a 10,000 sq ft UBC Learning Exchange centre on the ground and second floors, which provides low-barrier, free community programs, experiential student learning opportunities, and support for community-driven research.

The announcement was made by the Honourable Hedy Fry Member of Parliament for Vancouver Centre, on behalf of the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside Sunita Dhir, Member of Legislative Assembly for Vancouver-Langara and Parliamentary Secretary for International Credentials, Sarah Kirby-Yung, Deputy Mayor, City of Vancouver, Melanie Stewart, Vice-President, External Relations University of British Columbia, and Stephen Bennett, Director, MAC Development and Housing Society and Chief Executive Officer, Affordable Housing Societies.

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 helping communities develop local solutions to housing need and homelessness. These 118 homes will have a real impact on the families who will be living here, and with every project like this one, we’re getting closer to the country we want — one where everyone has a safe, affordable place to call home.”

“Through consultation with residents and local groups, this new housing has been designed in partnership to meet the unique needs of the community it serves. By taking a heritage-conservation approach that prioritizes continuity and connection, this project honours the neighbourhood’s rich history, celebrates the diverse communities that have shaped the Downtown Eastside and builds on the community-based resources already in place”

“For people in the Downtown Eastside, affordable housing is an important part of building stability and putting down roots. This project brings together housing, learning, local businesses and community arts in a neighbourhood with a long history and strong community character. It responds to a range of housing needs while creating more opportunities for residents to connect, participate and feel at home.”

“We’re proud to support the delivery of 118 new affordable homes and new opportunities for learning, culture and community connection in the Downtown Eastside. By providing the site, we’re helping make these homes possible, creating stability and a sense of belonging while delivering lasting benefits for residents alongside our partners.”

“UBC has long been committed to working with the people and communities of Vancouver. We are proud to be a core long-term partner in a new project that further strengthens this work by providing a new home for the UBC Learning Exchange, advancing reciprocal learning and research, and meaningful community engagement in the Downtown Eastside.”

“The Downtown Eastside deserves sustainable housing that honours its community. Uniting the operational expertise of our nonprofit founders with financial backing from CMHC and BC Builds proves collaboration drives lasting change. This development includes community spaces designed to foster belonging, giving residents not just a roof but a stable foundation for opportunity and generational growth”

Quick facts:

• The Affordable Housing Fund (AHF) provided 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 was a $16.1 billion program under the National Housing Strategy (NHS) that gave 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. The application portal for AHF is now closed as all funding has been committed.
  • As of March 2026, the Government of Canada has committed $15.83 billion to support the creation of over 61,700 units and the repair of over 174,700 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 172 East Cordova Street is as follows:
  • $41.9 million from the federal government, through the Affordable Housing Fund
  • $17.7 million from BC Housing through the Build BC fund
  • $12.5 million from the University of British Columbia
  • $14.5M in land lease contributions and $2.7 waivers from the City of Vancouver
  • $2.4 million from MAC Development and Housing Society
  • $1.2M in waivers from MetroVan
  • $403,750 through the provincial Mass Timber Demonstration Program
  • $258,900 in waivers from Translink
  • and $15.5 million land sale

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.

Canada Mortgage and Housing Corporation (CMHC) is a federal Crown corporation and the foundation of Canada’s housing system. For over 80 years, CMHC has supported the functioning of housing markets across the country through housing finance solutions — including mortgage loan insurance and securitization — while providing trusted, unbiased data, research and market intelligence to inform policy and decision making. Through its national presence, deep expertise in housing economics and finance, and a system-wide perspective, CMHC helps foster a more stable, well-functioning housing market that supports households, communities and the broader economy.

Follow us 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

For more information contact:

Arianna Durgerian
Office of the Minister of Housing and Infrastructure
Arianna.Durgerian@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