New affordable homes coming to Vancouver

The Government of Canada unveiled a $69 million investment to construct 112 affordable rental homes in Vancouver, marking a significant step in addressing the ongoing housing crisis. The funding, announced by federal officials including the Honourable Jill McKnight and Honourable Gregor Robertson, will support the construction of a 9-storey building at 1220 Seymour, designed to meet Passive House standards. Managed by the Community Land Trust as a housing co-operative, this project ensures long-term affordability for residents. This initiative is part of the newly established Build Canada Homes agency, which aims to scale up affordable housing construction across the country. In addition, Budget 2025 will introduce measures to reduce costs for builders and accelerate homebuilding.

These investments are critical for enhancing access to affordable housing, particularly for the middle class. Collaboration with local governments and non-profit organizations is vital to achieve these ambitious housing targets. The project reflects a commitment to improving the economic and social well-being of families in Vancouver.