$574 million in federal financing to help build Vancouver rental homes

Construction cranes dot the skyline as condo towers are seen under construction at the Oakridge Park shopping centre redevelopment, in Vancouver, on Nov. 23, 2023. (Darryl Dyck / The Canadian Press)

The federal government is providing more than $574 million in financing to help build about 950 rental homes in Vancouver.

The government says in a news release that a project on 42nd Avenue is one of four locations receiving funds through the Apartment Loan Construction Program, which offers repayable low-interest loans to encourage more rentals builds for middle-class Canadians.

It says the site, which is being built by Marcon Developments Ltd., has received $110 million through the fund to build 211 apartments in a mix of sizes, including two-bedroom units.

The government says the location is within the Oakridge town centre and is within walking distance to a Canada Line station.

Three other sites in Vancouver are also receiving loans from the program, which includes $185.4 million for 1099 Harwood Street, $184 million for 1066 Harwood Street and $94 million for 1317 Richards Street.

Harjit Sajjan, minister responsible for Pacific Economic Development Canada, says the need to build more housing is becoming increasingly crucial as the city's population grows, and these projects are an "essential part of the solution."

"When it is complete, these four projects will offer much-needed housing for families and individuals that are close to jobs, services and amenities in the community," he says in the release.

This report by The Canadian Press was first published Nov. 14, 2024.