CMHC invests $675M to build, repair homes in B.C.

Key Takeaways:

• The Government of Canada is committing over $675.6 million in funding and low-cost loans to support 83 housing projects in B.C.
• The funding is distributed across multiple programs under the National Housing Strategy, prioritizing affordable rental units, repairs, and greener housing solutions, particularly for vulnerable populations.
• A $2 billion federal investment, alongside BC’s $2.95 billion commitment, aims to build at least 9,000 rental units, streamline approvals, and support diverse developers.

The Whole Story:

The Government of Canada has announced more than $675.6 million in contributions and low-cost repayable loans to build and repair 5,099 homes through 83 housing projects located across different municipalities in B.C.

These projects are supported through various initiatives under the National Housing Strategy (NHS) and aim to address needs across the housing continuum for diverse communities, prioritizing British Columbia’s most vulnerable populations.

The funding announced includes:

• $141,184,527, in loans and $50,333,956 in contribution through the Affordable Housing Fund (AHF), which will help create 723 new units and repair 207 units across 21 projects.
• $15,000,000 in loans and $5,490,864 in contribution through the Affordable Housing Innovation Fund(AHIF), which will help create 1,449 new units across 4 projects.
• $321,666,000 in loans through the Apartment Construction Loan Program (ACLP), which will help create 632 new rental units across 5 projects, with affordability conditions.
• $2,007,735 in contribution through the Canada Greener Affordable Housing (CGAH), which will help repair 1,477 units across 25 projects.
•  $136,699,175 in contribution through the Rapid Housing Initiative (RHI), which will help create 450 new units through 25 projects.
• $3,229,999 in contribution through the Federal Lands Initiative (FLI), which will help create 161 new units across two projects.

Of these units, the BC Government is contributing almost $300M in funding and financing to help deliver nearly 1000 homes in communities throughout B.C. These projects are part of the provincial government’s $19-billion investment in homes.

The announcement also included details about the Canada – BC Builds agreement, which was announced in February 2024. This agreement, as part of Canada’s Housing Plan, provides $2 billion in low-cost loans through the Apartment Construction Loan. This builds upon the Province of BC’s commitment of $2 billion in low-cost financing and $950 million in funding, and will help increase housing construction across the rental continuum by: 

• Building at least 9,000 new rental units, including a minimum of 1,800 units that will be affordable for 35 years for middle-income Canadians living in British Columbia.
• Ensuring faster approvals and streamlined administration so that more housing can be built quicker and with less red tape — all without losing sight of affordability, accessibility and environmental performance.
• Supporting a broader array of developers and new housing providers to finance more housing while growing current and future capacity to deliver more homes, faster.

Through investments like these, the federal government is working to address the housing crisis, so that everyone has a safe and affordable place to call home today — and so future generations have the same opportunity to rent or own a place of their own as generations that came before them.

Project-specific details will be announced locally in the coming weeks.