THE federal government on Tuesday announced an investment of over $763 million for the construction of nearly 1,300 housing units in Burnaby through the Apartment Construction Loan Program (ACLP).

The two buildings at 2132 Alpha Avenue and 4608 Lougheed Highway are part of a multi-phase master plan community located on a 7.9-acre site that encompasses an entire city block at the heart of Brentwood. When completed, Brentwood Block (phase one) will provide 1,279 rental units and 160,000 square feet of commercial space. Additionally, the site will be home to a new City of Burnaby community centre, extensive publicly accessible plaza and outdoor amenity spaces, and 451 condominiums.

The announcement was made by Randeep Sarai, Secretary of State for International Development and MP for Surrey Centre, on behalf of Gregor Roberston, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside Councillor Pietro Calendino, City of Burnaby, and Steve O’Connell, Chief Executive Officer of Grosvenor’s North American Property business.

Budget 2025, to be tabled next month, will build on this momentum with further measures to lower costs for builders, catalyse private capital, and double the pace of homebuilding across Canada.

Robertson said: “We need to build more, build better and build bolder. Through investments in rental housing, our government is supporting those who need it most, here in British Columbia and across the country. We are committed to strengthening communities through initiatives like this one.”

Sarai said: “The Government of Canada is committed to working with our partners to rise to the challenge of building more housing in Canada. Through the Apartment Construction Loan Program, we are taking action to increase the supply of new rental housing by investing more than $763 million in the construction of nearly 1,300 homes in Burnaby. This is more than just construction, it’s about creating opportunities for individuals and families to thrive, to grow, and to build their future with stability and dignity.”

Wade Chang, MP for Burnaby Central, said: “Today’s announcement marks a major step forward in tackling Burnaby’s housing challenges. With more than 1,000 new rental homes being built right here in our community, we’re giving families, workers, and young people the opportunity to stay and thrive in Burnaby. By working together with all levels of government and partners like Grosvenor, we’re building a future where everyone has a place to call home.”

Burnaby Mayor Mike Hurley said: “Burnaby continues to set an example for how cities can lead by working hand in hand with all levels of government and the development community to create new, affordable homes throughout our community. This federal investment is essential to ensuring projects like the Brentwood Block can move forward and reflects the kind of partnership that will move the needle on housing costs in Burnaby.”

Steve O’Connell, Chief Executive Officer of Grosvenor’s North American Property business, said: “At Brentwood Block, we are proud to be delivering Western Canada’s tallest all rental tower as a part of our new transit oriented, amenity rich neighbourhood that includes Burnaby’s new community center. We are grateful for the partnership with CMHC, which we have built over many years; it is truly a cornerstone of this project. The ACLP is key to this development’s viability, facilitating the private sector’s role in contributing much needed rental housing to Canada’s undersupplied markets. Once complete, we look forward to activating our residential homes as an integral part of our sustainably driven, pedestrian-focused master-plan, connecting thousands of new residents in the heart of Brentwood with the wider Metro Vancouver region. Brentwood Block continues Grosvenor’s 350-year tradition of owning and developing high-quality residential properties that serve their local communities.”

Funding provided for Brentwood development is as follows:

• • $763.1 million from the federal government, through the National Housing Strategy’s Apartment Construction Loan Program
  • $283.4 million from Grosvenor and its partners in land and cash equity
  • $317,016 from the City of Burnaby for the project on 4098 Lougheed Highway