VANCOUVER, B,C. — The Government of Canada is providing $107.5 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi) to build 215 purpose-built rental homes for residents of Vancouver.

The announcement took place at the project known as W42, located at 5780 Alberta Street. This follows the Honourable Sean Fraser's, Minister of Housing, Infrastructure and Communities, August 16, visit to Vancouver where he announced nearly $500 million for over 1110 units, including the RCFi project.

W42 will be developed into a 19-story apartment building offering 215 purpose-built rental units in the core of the city's Cambie Corridor. The project will offer a mix of studio, one-, two- and three-bedroom units for residents. The homes will be located within walking distance to the 41 Avenue Canada Line Skytrain station, as well as parks, schools, and grocery stores. The project received a $107.5 million RCFi low-interest loan from the federal government through the Canada Mortgage and Housing Corporation (CMHC) and Marcon contributed $6.6 million in cash equity. Construction is expected to be completed in June 2025.

"Today's announcement demonstrates the success that can be achieved when different levels of government work together and with community partners, including the private sector, to address the housing challenges Canadians are facing. Because of funding through the RCFi, 215 new purpose-built rental homes will be built in Vancouver. This is one of the many initiatives the government has implemented to increase housing supply across the entire housing spectrum, so that all Canadians have a safe place they are proud to call home,"  said Sean Fraser, Minister of Housing, Infrastructure and Communities

"The Government of Canada is investing in housing supply here in Vancouver and across the country to help improve the quality of life for residents so they can live and work in their communities. Today's announcement is one example of our commitment to investing in safe and secure homes with better access to community services and public transit. Together with our partners, we are providing more rental housing for all Canadians," added Taleeb Noormohamed, Member of Parliament for Vancouver Granville