A $763-million loan from the federal government will see close to 1,300 rental homes built in Burnaby, B.C.
Development company Grosvenor said in a statement that the funds, provided through the Apartment Construction Loan Program (ACLP), will finance the construction of 1,279 rental homes at the Brentwood Block development on Lougheed Highway, between Alpha and Beta avenues.
The company said the project will feature Western Canada’s tallest all-rental tower, along with condos, retail space and a City of Burnaby community centre.
Burnaby is located just east of Vancouver.
“This investment will have a real impact on lives here in Burnaby,” said Surrey MP Randeep Sarai, who was at announcement.
“It will support the creation of 1,300 much-needed homes and provide some relief from the housing crunch, which hurts us all.”
Grosvenor says the loan, which it called the second-largest of its kind in Canada through the ACLP, will fast-track the 1,279 rental homes.
The federal Canada Mortgage and Housing Corporation (CMHC) describes the ACLP as a source of low-cost funding for residential construction with a focus on “standard rental, seniors housing and student housing projects in Canada where there is a need for additional rental housing supply.”
CMHC says the loan program is a $55-billion endeavour expected to provide low-cost financing to 131,000 new rental homes Canada-wide by 2032. As of June 2025, $25 billion has been loaned out to build over 63,500 rental homes.
Grosvenor says Brentwood Block will eventually include 3,500 homes, including 2,450 purpose-built rentals. It says construction is underway on strata homes in the development.
