The City of Vancouver announced it is moving forward on the construction of more than 1,100 purpose-built rental homes in projects made possible through the Rental Construction Financing Initiative (RCFi). Launched under the National Housing Strategy, RCFi provides fully repayable low-interest loans to encourage the construction of purpose-built rental housing for middle income Canadians.

The announcement took place August 16 at 5728 Gray Avenue, a site that will soon bring 150 residential units to faculty, staff, and students at the University of British Columbia. The future 6-storey property is well located with easy access to public transit.

“The City of Vancouver is committed to ensuring Vancouverites have a place to call home,” said Ken Sim, Mayor, City of Vancouver. “That is why it is encouraging to see the CMHC providing much-needed support to increase rental spaces through investment initiatives like the RCFi to help build the spaces residents need, from rentals and co-ops to supportive housing. As we look to secure housing that is more affordable across our city, these 1,100 purpose-built rental units will help us get the job done.”

“We must increase the supply of housing,” added Sean Fraser, Minister of Housing, Infrastructure and Communities. “Doing so requires an all-hands-on-deck commitment from all levels of government. The federal government will continue to make strategic investments through programs like the RCFi and the Housing Accelerator Fund (HAF), while also working with our provincial and municipal partners so that all Canadians have a safe place that they are proud to call home.” 

The HAF is $4 billion initiative, and part of a larger toolbox of federal measures to support the creation of housing supply through Canada’s National Housing Strategy.

Progress on these programs and initiatives is updated quarterly at: www.placetocallhome.ca.