Support aims to address housing crisis in one of Canada’s most unaffordable cities for homebuyers
Canada’s most unaffordable city for homebuyers may soon have a small reprieve from its housing crisis.
The Canada Mortgage and Housing Corporation (CMHC) has announced a $101.9 million federal investment in a housing development in Burnaby, British Columbia – $2.7 million of which will be forgivable.
Read more: These are Canada’s most unaffordable cities for homebuyers
In a statement, CMHC said that developer Bosa Properties will be receiving the investment for a 34-storey, 324-unit high-rise building project located in Burnaby City Centre.
According to CMHC, the investment will be made through the National Housing Co-Investment Fund (NHCF), a flagship initiative of the federal government’s National Housing Strategy (NHS). Construction is expected to begin in Spring 2021 and is estimated to be completed by 2024.
Ahmed Hussen, minister responsible for CMHC, said that the project “is a testament to what can be achieved when we come together with the shared purpose of providing safe and affordable homes for families and individuals that need it most.”
“I look forward to seeing the positive impact this project will have on the families and the community across Burnaby,” said Hussen.
Meanwhile, Terry Beech, member of parliament for Burnaby North, said that the announcement “shows what is possible when there is a commitment among these actors to work together.”
“Our region knows the impacts of the housing crisis all too well, and in Burnaby, it is especially acute for young families and seniors alike,” said Beech. “Addressing this crisis requires all orders of government and stakeholders to play a key role.”
