The Government of Canada has pledged $184 million to Vancouver to fund construction of affordable housing in the city.
This pledge comes as part of the federal government’s $55 billion National Housing Strategy, which, among other goals, strives to greatly decrease homelessness.
The $184 million is expected to be sourced from the Canada Mortgage and Housing Corporation (CMHC).
The new project will help build an estimated 1,100 units of affordable housing spread across the Metro Vancouver region. At this time, locations that have been identified as sites are:
- 1001 Kingsway
- 1210 Seymour Street and 560 Davie Street
- 177 West Pender Street
- 3310 Marine Way
- 3279-3297 Vanness Avenue
- 1190 Burrard Street and 937 Davie Street
- 3183, 3245 Pierview Crescent
- 288 East Hastings Street
- 2305-2344 Vanness Avenue
“Today is a great day for housing in Vancouver. The federal government is making an historic investment in housing that will help provide a safe and affordable place to call home for up to 1,100 families,” said Jean-Yves Duclos, a minister in charge of the CMHC.
The first of these affordable housing projects has already begun. The 140-unit co-op is being built in Vancouver’s River District and is projected to open in 2020.
For more Vancouver real estate news, stay tuned to our Real Estate section.
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