A significant loan of $763 million has been secured from the federal government to facilitate the construction of nearly 1,300 rental homes in Burnaby, British Columbia. Grosvenor, a development firm, announced that the funds, obtained through the Apartment Construction Loan Program (ACLP), will be utilized to build 1,279 rental residences at the Brentwood Block development situated on Lougheed Highway, between Alpha and Beta avenues.
The project, as outlined by the company, will showcase the tallest all-rental tower in Western Canada, alongside condominiums, retail spaces, and a community center for the City of Burnaby. Burnaby is located in close proximity to Vancouver.
Surrey MP Randeep Sarai expressed that this investment will play a pivotal role in the Burnaby community by supporting the creation of much-needed homes and alleviating the housing shortage that impacts the region.
Grosvenor highlighted that this loan, deemed as the second-largest of its kind in Canada under the ACLP, will expedite the construction of the 1,279 rental units. The Canada Mortgage and Housing Corporation (CMHC) characterizes the ACLP as a funding source for residential construction projects, emphasizing standard rental housing, seniors housing, and student housing where additional rental accommodations are required in Canada.
According to CMHC, the ACLP is part of a $55 billion initiative aimed at providing low-cost financing for 131,000 new rental homes nationwide by 2032. As of June 2025, over $25 billion has been allocated to construct more than 63,500 rental homes. Grosvenor projects that the Brentwood Block development will eventually encompass 3,500 residences, including 2,450 purpose-built rental units, with ongoing construction activities for strata homes within the complex.
