Canada announces funding for new homes in Vancouver

VANCOUVER, BC, July 21, 2026 /CNW/ -- 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 UBC Properties Trust announced more than $174 million in federal funding through the Apartment Construction Loan Program to help build 349 secure, rental homes in Vancouver. Called The Editions, located at 3588 Wesbrook Mall, the project will consist of one 14-storey building and two six-storey wood frame buildings. The homes will be for Vancouver residents, students, staff and faculty at the University of British Columbia. The homes will be located close to a bus route with easy access to the university and the City of Vancouver. The project will consist of studio, one- and two-bedroom units, as well as three- and four-bedroom townhomes for families. Construction is underway and expected to be completed in mid 2028.

The announcement was made by Wade Grant, Member of Parliament for Vancouver Quadra, on behalf of the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside Aubrey Kelly, President and Chief Executive Officer, UBC Properties Trust.

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:

"As Vancouver's population continues to grow, the need for housing becomes increasingly crucial. Purpose-built rental homes are an essential part of the solution and through ACLP our government is helping cities like Vancouver increase its supply of new rental developments. When it is complete, this project will offer much-needed housing for students, staff and faculty of UBC that is close to their schooling, their jobs, and services and amenities in the community" – Wade Grant, Member of Parliament for Vancouver Quadra on behalf of the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada

"This is UBC Properties Trust's fourth project under the ACLP, and we're thankful for the support of CMHC and the federal government in making it possible. This financing program will bring 349 new below-market rental homes to Vancouver by mid-2028, ranging from studios to family-sized townhomes. These homes will help us recruit and retain the faculty and staff who keep UBC running and they'll give students and families an alternative to today's rental market, with easier access to bus routes and transit. This is progress toward a UBC community where the people who contribute to it can continue to build a life here." – Aubrey Kelly, President and Chief Executive Officer UBC Properties Trust

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 March 2026, CMHC has committed $30.82 billion in loans through ACLP to support the creation of more than 78,200 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 The Editions is as follows:
  • $174.6 million from the federal government, through ACLP
  • $9.5 million from the UBC Properties Trust

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.
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SOURCE Canada Mortgage and Housing Corporation (CMHC)

Contacts: Arianna Durgerian, Office of the Minister of Housing and Infrastructure, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]