A $763 million loan from the federal government will allow nearly 1,300 rental homes to be built in Burnaby, British Columbia.
Developer Grosvenor said in a statement that the funds, provided through the Apartment Construction Loan Program (ACLP), will finance the construction of 1,279 rental homes at the Brentwood Block development on Lougheed Highway, between Alpha and Beta avenues.
The company said the project will feature Western Canada’s tallest rental tower, along with condominiums, retail space and a City of Burnaby community centre.
Burnaby is located just east of Vancouver.
“This investment will have a real impact on life here in Burnaby,” said Surrey MP Randeep Sarai, who was at the announcement.
“It will support the creation of 1,300 much-needed homes and provide some relief to the housing crisis, which is hurting us all.”
Grosvenor says the loan, which he called the second largest of its kind in Canada through the ACLP, will accelerate the 1,279 rental homes.
Canada Federal Mortgage and Housing Corporationprayer (CMHC) describes the ACLP as a source of low-cost financing for residential construction with a focus on “standard rental, senior housing and student housing projects in Canada, where there is a need for additional rental housing supply.”
CMHC says the loan program is a $55 billion effort that is expected to provide low-cost financing to 131,000 new rental homes across Canada by 2032. As of June 2025, $25 billion has been loaned to build more than 63,500 rental homes.
Grosvenor says the Brentwood Block will eventually include 3,500 homes, including 2,450 purpose-built rental homes. He says strata housing is being built in the development.
