In the news release, Canada invests in new rental housing units in Burnaby, issued 14-Oct-2025 by Canada Mortgage and Housing Corporation (CMHC) over CNW, we are advised by the organization that edits have been made to the first, second, and third paragraphs. The complete, corrected release follows:
Canada invests in new rental housing units in Burnaby
BURNABY, BC, Oct. 14, 2025 /CNW/ - Solving Canada's housing challenges 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 across 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.
The Apartment Construction Loan Program (ACLP) provides fully repayable low-interest loans to catalyse the construction of more rental units for middle-class Canadians.
Today, the federal government announced an investment of over $763 million for the construction of nearly 1,300 housing units in Burnaby through the ACLP.
The two buildings at 2132 Alpha Ave and 4608 Lougheed Highway are part of a multi-phase master plan community located on a 7.9-acre site that encompasses an entire city block at the heart of Brentwood. When completed, Brentwood Block (phase one) will provide 1,279 rental units and 160,000 square feet of commercial space. Additionally, the site will be home to a new City of Burnaby community centre, extensive publicly accessible plaza and outdoor amenity spaces, and 451 condominiums.
The announcement was made by the Honourable Randeep Sarai, Secretary of State for International Development and Member of Parliament for Surrey Centre on behalf of the Honourable Gregor Roberston, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside Councillor Pietro Calendino, City of Burnaby, and Steve O'Connell, Chief Executive Officer of Grosvenor's North American Property business.
Budget 2025, to be tabled next month, will build on this momentum with further measures to lower costs for builders, catalyse private capital, and double the pace of homebuilding across Canada. Budget 2025 will spend less on government operations and reduce waste, so we can invest more to grow our economy, build more homes, and make life more affordable for you.
Quotes:
"We need to build more, build better and build bolder. Through investments in rental housing, our government is supporting those who need it most, here in British Columbia and across the country. We are committed to strengthening communities through initiatives like this one." – The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada
"The Government of Canada is committed to working with our partners to rise to the challenge of building more housing in Canada. Through the Apartment Construction Loan Program, we are taking action to increase the supply of new rental housing by investing more than $763 million in the construction of nearly 1,300 homes in Burnaby. This is more than just construction, it's about creating opportunities for individuals and families to thrive, to grow, and to build their future with stability and dignity." – The Honourable Randeep Sarai, Secretary of State International Development and Member of Parliament for Surrey Centre
"Today's announcement marks a major step forward in tackling Burnaby's housing challenges. With more than 1,000 new rental homes being built right here in our community, we're giving families, workers, and young people the opportunity to stay and thrive in Burnaby. By working together with all levels of government and partners like Grosvenor, we're building a future where everyone has a place to call home." – Wade Chang, Member of Parliament for Burnaby Central
"Burnaby continues to set an example for how cities can lead by working hand in hand with all levels of government and the development community to create new, affordable homes throughout our community. This federal investment is essential to ensuring projects like the Brentwood Block can move forward and reflects the kind of partnership that will move the needle on housing costs in Burnaby." – Mike Hurley, Mayor, City of Burnaby
"At Brentwood Block, we are proud to be delivering Western Canada's tallest all rental tower as a part of our new transit oriented, amenity rich neighbourhood that includes Burnaby's new community center. We are grateful for the partnership with CMHC, which we have built over many years; it is truly a cornerstone of this project. The ACLP is key to this development's viability, facilitating the Private Sector's role in contributing much needed rental housing to Canada's undersupplied markets. Once complete, we look forward to activating our residential homes as an integral part of our sustainably driven, pedestrian-focused master-plan, connecting thousands of new residents in the heart of Brentwood with the wider Metro Vancouver region. Brentwood Block continues Grosvenor's 350-year tradition of owning and developing high-quality residential properties that serve their local communities." – Steve O'Connell, Chief Executive Officer of Grosvenor's North American Property business
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 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 2025, CMHC has committed $24.9 billion in loans through ACLP to support the creation of more than 63,500 rental homes.
- It is one of many programs and initiatives under the National Housing Strategy (NHS) 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.
- Budget 2024 announced enhancements to the ACLP which includes the program being extended from 2027 – 2028 to 2031 – 2032. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors housing. There are no longer minimum requirements relating to energy efficiency and accessibility, instead applicants will benefit from making stronger commitments to desired rental supply and social outcomes.
- Funding provided for Brentwood development is as follows:
- $763.1 million from the federal government, through the National Housing Strategy's Apartment Construction Loan Program
- $283.4 million from Grosvenor and its partners in land and cash equity
- $317,016 from the City of Burnaby for the project on 4098 Lougheed Highway
Additional Information:
- Visit canada.ca/housing for the most-requested Government of Canada housing information.
- 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]; Patti Glass, Grosvenor, [email protected]; Cori Howard Communications, 778-987-1345, [email protected]
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