A development company in Burnaby, B.C., is set to construct nearly 1,300 rental homes with the help of a $763-million loan from the federal government. Grosvenor announced that the funding, obtained through the Apartment Construction Loan Program (ACLP), will finance the building of 1,279 rental units at the Brentwood Block development on Lougheed Highway. This project will include Western Canada’s tallest all-rental tower, as well as condos, retail space, and a community center for the City of Burnaby.
Surrey MP Randeep Sarai highlighted the significance of this investment, stating that it will positively impact the community by addressing the housing shortage and providing relief to residents. Grosvenor emphasized that this loan, considered the second-largest of its kind in Canada under the ACLP, will expedite the construction of the 1,279 rental homes.
The Canada Mortgage and Housing Corporation (CMHC) administers the ACLP, which offers cost-effective funding for residential construction, particularly targeting standard rental, seniors housing, and student housing projects across Canada. The program aims to facilitate the development of 131,000 new rental homes nationwide by 2032, with $25 billion already allocated for over 63,500 rental units as of June 2025.
Grosvenor revealed that the Brentwood Block development will eventually comprise 3,500 homes, including 2,450 purpose-built rentals, with ongoing construction activities for strata homes within the project. Burnaby, situated east of Vancouver, is poised to benefit significantly from this substantial investment in the local rental housing sector.
