A substantial $763 million loan from the federal government has been secured to facilitate the construction of nearly 1,300 rental properties in Burnaby, British Columbia. Grosvenor, the development company behind the project, announced that the funding, obtained through the Apartment Construction Loan Program (ACLP), will support the building of 1,279 rental units at the Brentwood Block development situated on Lougheed Highway, between Alpha and Beta avenues. This initiative will introduce Western Canada’s tallest all-rental tower, alongside condominiums, retail spaces, and a community center for the City of Burnaby.
Surrey MP Randeep Sarai expressed enthusiasm about the investment, highlighting its positive impact on the local community. The project is expected to address the pressing housing demand in Burnaby, offering relief from the current housing shortage affecting residents in the area.
Grosvenor hailed the federal loan as the second-largest of its kind in Canada under the ACLP, emphasizing that it will expedite the construction of the 1,279 rental homes. The Canada Mortgage and Housing Corporation (CMHC) administers the ACLP, which provides cost-effective financing for residential construction, particularly focusing on standard rental, seniors housing, and student housing projects across the country to meet the growing need for rental accommodations.
CMHC’s ambitious loan program, with a total value of $55 billion, aims to deliver affordable financing for 131,000 new rental units nationwide by 2032. To date, over $25 billion has been disbursed to support the construction of more than 63,500 rental homes as of June 2025. The Brentwood Block development, overseen by Grosvenor, is set to encompass 3,500 residences, including 2,450 purpose-built rental units, with construction already in progress for strata homes within the complex.