Canada announces funding for new homes in Burnaby

BURNABY, BC, Sept. 10, 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, announced over $170 million in combined funding from the federal government and our First Nations partners to help build 355 secure, rental homes in Burnaby. This includes $131.9 million through the Apartment Construction Loan Program. The project is part of K^wasen Village development and will consist of one low-rise apartment with 91 rental homes and one high-rise apartment with 264 units. The buildings will feature a gym, children's play area, and a rooftop patio with a barbeque for residents to enjoy. The two buildings will be located at 3683 Willingdon Avenue and 4428 Kwasen Way, close to BCIT, Brentwood Mall and other amenities.

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 Chief Wayne Sparrow, Musqueam Indian Band, Curtis Thomas Councillor Tsleil-Waututh Nation and Ryan Seminoff, President Aquilini Development.

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 driving housing supply to bring housing costs down. This project will create more, much-needed rental homes for the people living and working in Burnaby. It's an example of what's possible when our government works together with First Nations and the private sector. It's also another step forward in our bold, ambitious plan to build Canada strong." – Wade Chang, Member of Parliament for Burnaby Central.

"Kwasen Village is an important example of what can be achieved when First Nations, government and the private sector work together with a shared vision for the future. For Musqueam, this partnership is about more than building homes. It is about creating long-term opportunities, strengthening our communities and ensuring our people are active participants in the growth taking place throughout our traditional territory. We are proud to work alongside Tsleil-Waututh, Aquilini Development and the Government of Canada to help bring much-needed rental housing to Burnaby and create lasting benefits for generations to come." –  Chief Wayne Sparrow, Musqueam Indian Band

"We are proud to stand shoulder-to-shoulder with our partners, xʷməθkʷəy̓əm (Musqueam Indian Band) and Aquilini Development, to bring kʷasən Village to life on Willingdon Avenue with support from the Government of Canada's Apartment Construction Loan Program. Grounded in our Indigenous values of connection and environmental sustainability, kʷasən Village will feature beautiful homes, vibrant green spaces, and community gathering areas. For us, affordable housing is essential to community well-being. This development delivers much-needed regional housing affordability while welcoming səlilwətaɬ and xʷməθkʷəy̓əm cultural presence back to this area." –Chief Justin Sky George, səlilwətaɬ (Tsleil-Waututh Nation) 

"Delivering much-needed housing in Burnaby requires strong partnerships and a shared commitment to long-term community building. K^wasen Village is a meaningful collaboration between Aquilini Development, the Musqueam and Tsleil-Waututh Nations, and CMHC that will bring 355 new rental homes to one of Metro Vancouver's fastest-growing communities, including a significant number of affordable homes. CMHC's long-term financing has been instrumental in helping advance this project during a challenging development environment. Together, we are creating housing opportunities for present and future generations while demonstrating what can be achieved when Indigenous partners, government, and the private sector work together toward a common goal." – Ryan Seminoff, President Aquilini Development

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 June 2026, CMHC has committed $32 billion in loans through ACLP to support the creation of more than 81,918 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 for 3405 Willingdon Avenue and 4428 Kwasen Way includes:
  • $131.9 million from the federal government through the Apartment Construction Loan Program
  • $38.4 million in cash/land equity from Aquilini Development, Musqueam and Tsleil-Waututh First Nations.

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 Government of Canada

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