VANCOUVER, BC, Nov. 12, 2025 /CNW/ - Changes in the global trading system are causing massive disruptions and uncertainty for Canadians. The world has changed, and Canada's economic strategy must change.
Budget 2025: CanadaStrong is our plan to transform our economy from one that is reliant on a single trade partner to one that is stronger, more self-sufficient, and more resilient to global shocks. This budget is a plan to enable $1 trillion in investments over the next five years. This is a plan for Canada to give ourselves more than any foreign government can take away – a plan to build Canada strong.
Central to that plan is building – major infrastructure, millions more homes, and strong communities. To that end, the Government of Canada launched Build Canada Homes which will help double the pace of homebuilding over the next decade to increase housing supply, alongside other measures. It will also transform public-private collaboration and deploy modern methods of construction, as it catalyses the creation of an entirely new Canadian housing industry. This new Solving Canada's housing crisis requires immediate action to build up supply and bring down costs. The Government of Canada is stepping up with unprecedented investments to supercharge housing construction in Canada. To that end, the federal government launched Build Canada Homes a new federal agency that will build affordable housing at scale, including transitional and supportive housing, deeply affordable and community housing, and affordable homes for the Canadian middle class.
As we build a strong Canadian housing sector, purposeful collaboration will be essential. That means working together with the private and non-profit sector to bring down costs and build homes at a scale and pace not seen in generations. These investments are also providing Canadians with increased access to affordable and sustainable housing.
Solving Canada's housing crisis requires immediate action to bring down costs, cut red tape, and build homes more quickly. 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 United Church of Canada announced over $53 million in combined funding to help build 104 secure, affordable rental homes in Vancouver. This is an example of the Government of Canada's commitment to investing in affordable housing right across the country
The Lakeview Multicultural United Church Redevelopment, located at 2776 Semlin Drive, will be a six-storey, wood frame building will provide homes for singles, couples, families and seniors. The rental homes will range in size from studio to three-bedroom units. There will be indoor and outdoor amenity space on the fourth floor, including a children's play area on the 1,700-sq-ft outdoor rooftop space. There will also be 48 parking spaces and 224 bike parking spaces.
The mixed-use site is located near Trout Lake and walking distance to the Skytrain. This development will pursue Passive House certification. The ground floor will also house a replacement church, including a new sanctuary, multi-purpose rooms, kitchen, and office space.
The announcement was made by Taleeb Noormohamed, Member of Parliament for Vancouver Granville, alongside Treena Duncan, Executive Minister, the Pacific Mountain Region of the United Church of Canada.
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:
"Every Canadian deserves a safe and affordable place to call home. It is with great pleasure that our government is supporting initiatives like the Lakeview Church Redevelopment. This incredible work would not be possible without the collaboration with other levels of government and non-profits. The future residents will have access to safe, affordable housing where they will be able to prosper and thrive." -- Taleeb Noormohamed, Member of Parliament for Vancouver Granville
"Our Government remains firmly focused on delivering the homes people need in Vancouver, and communities across Canada. Strengthening the Affordable Housing Fund is one way we achieve that. We're proud to support this project and the real, positive impact it will have for people in this community." -- Hedy Fry, Member of Parliament for Vancouver Centre
"We're proud to support projects that reflect our city's values and deliver more homes, faster for Vancouver residents. This investment marks a meaningful step toward creating more secure, affordable future for our city." -- Ken Sim, Mayor, City of Vancouver
"It is through the hard work and dedication of many that this project has now come to fruition. Over the years, numerous hurdles have been overcome, and today we are proud to establish a space within the community that will not only support new immigrants to Canada but also continue to serve our long-standing local residents. This milestone would not have been possible without the steadfast commitment of our funders, whose loyalty and belief in our vision have sustained this project from its earliest stages to its realization. Their support has been instrumental in bringing this initiative to life and in ensuring it will make a lasting, positive impact in the community." -- Treena Duncan, Executive Minister, Pacific Mountain Regional Council of the United Church of Canada
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.
- Funding for this project is as follows:
- $45.5 million from the federal government through the Affordable Housing Fund
- A $2.15 million Community Housing Incentive Program (CHIP) grant and approximately $2 million in development charge waivers from the City of Vancouver
- $3.5 million from the Pacific Mountain Regional Council of the United Church of Canada, including $2.3 million from the 625 Powell Street Foundation
- Lakeview Multicultural United Church donated the land for the project
Additional Information:
- Visit canada.ca/housing for the most-requested Government of Canada housing information.
- Learn more about BCH
- CMHC plays a critical role as a national facilitator to promote stability and sustainability in Canada's housing finance system. Our mortgage insurance products support access to homeownership and the creation and maintenance of rental supply. We also actively support the Government of Canada in delivering on its commitment to make housing more affordable. Our research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity, and climate compatibility. Follow us on X, YouTube, LinkedIn, Facebook and Instagram.
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]
Share this article