The government of Canada has pledged nearly $150 million towards the development of new purpose-built homes in Vancouver
The Government of Canada has announced that it is providing nearly $150 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi) to build more than 364 purpose-built rental homes across three developments in Vancouver.
The 110-unit Evolve project (completed) received a $44.2 million RCFi low-interest loan from the federal government through the Canada Mortgage and Housing Corporation (CMHC), as well as $3.5 million from Natural Resources Canada and $15.1 million in land equity from UBC.
The 136-unit Mundell House project (also already completed) received a $46.4 million RCFi low-interest loan, along with a UBC contribution of $23.6 million in land equity.
The 19 on the Greenway project is slated to be developed into two separate buildings. The project, which has received a $59 million RCFi low-interest loan, will be offering 118 units for Vancouver residents. Construction is expected to be completed by March 2025.
The Real Estate Board of Greater Vancouver has reported an upward trend in the average home price in Vancouver for the month of July. https://t.co/m2EyjxNLNb#breakingnews #mortgageindustry #homesales #housingmarket— Canadian Mortgage Professional Magazine (@CMPmagazine) August 2, 2023
“From young students moving out for the first time, to families moving into a new community, to seniors downsizing, Canadian renters of all ages are impacted by shortages and rising costs of housing,” said Joyce Murray, Member of Parliament for Vancouver Quadra.
“Through investments in projects like [these], our government is increasing the supply of new rental developments that are accessible to public transit and offer the option to live closer to where they work or go to school.”