A significant $763 million funding injection from the federal government is set to facilitate the construction of nearly 1,300 rental residences in Burnaby, British Columbia. Grosvenor, the development firm, announced that the financing, obtained through the Apartment Construction Loan Program (ACLP), will support the building of 1,279 rental units at the Brentwood Block project situated on Lougheed Highway, between Alpha and Beta avenues. This development is set to include the tallest all-rental tower in Western Canada, alongside condominiums, retail spaces, and a community center for the City of Burnaby.
Surrey MP Randeep Sarai expressed that this investment will significantly impact the Burnaby community by addressing the housing shortage and creating much-needed homes. Grosvenor highlighted that this loan, the second largest of its kind in Canada under the ACLP, will expedite the completion of the 1,279 rental units.
The Canada Mortgage and Housing Corporation (CMHC) describes the ACLP as a program offering affordable funding for residential construction, focusing on standard rental, seniors housing, and student housing projects across Canada to meet the demand for more rental housing. The ACLP, a $55 billion initiative, aims to provide low-cost financing for 131,000 new rental homes nationwide by 2032, with over 63,500 rental homes already funded as of June 2025.
Grosvenor further mentioned 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 project.