VANCOUVER, BC, Dec. 5, 2025 /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 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 City of Vancouver announced over $195.9 million in combined funding to help build 390 secure, rental homes at two projects in Vancouver. The announcement took place at 450 Pacific Street, which will provide 91 homes in the Yaletown neighbourhood. The homes will serve low-to moderate-income families, women, and gender-diverse individuals, as well as youth, seniors, people with disabilities and women-led single-parent households from equity-deserving groups. Entre Nous Femmes Housing Society will own and operate the seven-storey building with Hogan's Alley Society as an operating partner to manage 30 homes dedicated to Black individuals and families. Construction at 450 Pacific has begun and is expected to be completed in 2028.
Also announced was funding for 1010 Expo Boulevard bringing 299 homes to the Yaletown neighbourhood with a 29-storey, concrete building. The project is designed to support a diverse range of household types for low-to moderate-income levels. Construction has begun and is expected to be completed in 2029.
These projects are being delivered in partnership with the Province, through BC Housing. It is part of the Province's broader $19-billion housing strategy and reflects its commitment to delivering affordable housing for families, seniors, and individuals.
The announcement was made by the Honourable Gregor Roberston, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside the Honourable Hedy Fry, Member of Parliament for Vancouver Centre, the Honourable Christine Boyle, Minister of Housing and Municipal Affairs of British Columbia, Terry Yung, Member of the Legislature for Vancouver-Yaletown, Sarah Kirby-Yung, Deputy Mayor, City of Vancouver, Lilian Chau, Chief Executive Officer, Entre Nous Femmes Housing Society and Vanessa Mountain, Vice-President Properties and Land Development, BC Indigenous Housing Society.
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:
"Communities thrive when housing reflects the diversity of the people who live in them. By creating communities where people from all walks of life can live side by side, we foster connection, stability, and opportunity for everyone. It's an investment in neighbourhoods so they remain strong and welcoming as they evolve." – The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada
"Together with our partners, we're creating communities where families can count on safe, secure, and affordable homes. These two projects will give Yaletown residents greater access to the housing they need, now and for generations to come. That's what building a stronger Canada is all about." – The Honourable Hedy Fry, Member of Parliament for Vancouver Centre
"These homes will give people the stability they need to thrive in the communities they love. By working in partnership, we're creating housing solutions that reflect the diverse needs of people in B.C. This is an example of how collaboration across all levels of government delivers real results for people." – The Honourable Christine Boyle, BC Minister of Housing and Municipal Affairs
"These homes will make a lasting difference for hundreds of people in Vancouver. They will provide stability and opportunity for families, seniors, and individuals who need it most. This is about building inclusive, stronger communities where everyone has a place to call home." – The Honourable Terry Yung, MLA for Vancouver-Yaletown
"By adding 390 new secure rental homes in Vancouver, we're helping keep the heart of our city more affordable and inclusive for people who live and work here. The City is proud to partner on these projects so more residents can live close to jobs, services and transit." – Ken Sim, Mayor, City of Vancouver
"For Entre Nous Femmes Housing Society, 450 Pacific Street lays the foundation for healing, belonging, and opportunity. It's a promise that those who need housing most will find a home where care and culture flourish together. In the heart of downtown Vancouver, we're creating deeply affordable homes for a vibrant community – women-led households, children and youth, seniors, people with disabilities, and Indigenous and Black families – so everyone has a place to thrive." – Lilian Chau, CEO, Entre Nous Femmes Housing Society
"BC Indigenous Housing Society is honored to be part of this historic project on Expo Boulevard. A 29-storey, 299-unit building dedicated to Indigenous families and individuals represents more than new housing, it represents justice, belonging, and a future where Indigenous people can thrive in the heart of their own homelands. This development reflects what is possible when governments, partners, and community work together with a shared commitment to reconciliation in action. For our Elders, our youth, and generations yet to come, these homes will provide stability, cultural safety, and a foundation for healing and opportunity. We are grateful to everyone who helped make this project a reality, and we look forward to welcoming tenants into a building that honors their history, their dignity, and their right to safe, affordable housing." – Brenda Knights, Chief Executive Officer, BC Indigenous Housing Society
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 June 2025, the Government of Canada has committed $12.91 billion to support the creation of over 50,300 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 Affordable Housing Fund's New Construction Stream, to support the creation of over 5,000 new units starting in 2025-26. Additionally, the Affordable Housing Fund's Rapid Housing Sub-Stream will be accelerated, by pulling $385 million in funding from future years.
- Since 2017, the Province has more than 93,600 homes delivered or underway throughout B.C.
- Funding for 450 Pacific Street includes:
- $45.6 million through the Affordable Housing Fund
- $14.4 million from the Province, through the Community Housing Fund
- $2.2 million land contribution and $2.6 million in DCC waivers from the City of Vancouver
- Funding for 1010 Expo Boulevard includes:
- $150.2 million through the Affordable Housing Fund
- $47.3 million from the Province, through the Community Housing Fund
- $3.2 million contribution and $2.3 million in DCC waivers from the City of Vancouver
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
SOURCE Canada Mortgage and Housing Corporation (CMHC)
Contacts : Renée LeBlanc Proctor, Office of the Minister of Housing and Infrastructure, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]; Ministry of Housing and Municipal Affairs, Media Relations, [email protected]
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