A significant $763 million loan from the federal government is set to facilitate the construction of nearly 1,300 rental homes in Burnaby, British Columbia. Grosvenor, a development company, announced that the funds, obtained through the Apartment Construction Loan Program (ACLP), will finance the building of 1,279 rental residences at the Brentwood Block development situated on Lougheed Highway, between Alpha and Beta avenues.
The project, according to the company, will showcase Western Canada’s tallest all-rental tower, in addition to condominiums, retail spaces, and a community center for the City of Burnaby. Burnaby, located east of Vancouver, will witness this substantial investment in housing development.
Surrey MP Randeep Sarai expressed that this investment will have a tangible impact on the community, supporting the creation of much-needed homes and alleviating the housing shortage that affects many individuals.
Grosvenor highlighted that this loan, considered the second-largest of its kind in Canada under the ACLP, will expedite the completion of the 1,279 rental homes. The Canada Mortgage and Housing Corporation (CMHC) defines the ACLP as a funding source for residential construction projects focusing on standard rental, seniors housing, and student housing where additional rental housing supply is necessary.
The CMHC envisions the loan program, with a $55 billion commitment, to offer low-cost financing for 131,000 new rental properties nationwide by 2032. So far, as of June 2025, over $25 billion has been disbursed to construct more than 63,500 rental homes.
Grosvenor revealed that the Brentwood Block development will ultimately feature 3,500 homes, including 2,450 purpose-built rental units. Construction is already in progress for strata homes within the development.