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Investing in affordable rental homes in North Vancouver

Canada Mortgage and Housing Corporation (CMHC)
Friday at 6:55pm ADT · October 31, 2025 7 min read

NORTH VANCOUVER, BC, Oct. 31, 2025 /CNW/ – Solving Canada’s housing crisis requires immediate action to build up supply and bring down costs. The Government of Canada is stepping up with unprecedented investments to supercharge housing construction in Canada.  To that end, the federal government launched Build Canada Homes, a new federal agency that will build affordable housing at scale, including transitional and supportive housing, deeply affordable and community housing, and affordable homes for the Canadian middle class.

As we build a strong Canadian housing sector, purposeful collaboration will be essential. That means working together with the private and non-profit sectors to bring down costs and build homes at a scale and pace not seen in generations. These investments are also providing Canadians with increased access to affordable and sustainable housing.

The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to partnered organizations for new affordable housing and the renovation and repair of existing, affordable and community housing. Today, the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada was joined by the Honourable Jonathan Wilkinson, Member of Parliament for North Vancouver – Capilano, and Linda Buchanan, Mayor of the City of North Vancouver  toured the first phase of an ambitious affordable housing project at 144 St Georges Avenue, which is nearing completion and which received support from the federal government.  The second phase of this project is receiving $84.5 million in funding to help build 179 secure, affordable rental homes at 120 St Georges Avenue. They also This is an example of the Government of Canada’s commitment to investing in affordable housing right across the country

The 18-storey, mass timber building will provide housing for singles, couples, families, and seniors in North Vancouver. The rental homes will range in size from studio to three-bedroom units.

This is the second phase of the North Shore Neighbourhood House Hub Redevelopment, which is a multi-partner project on City-owned land that supports the City’s ongoing commitment to increasing rental housing and community-based services. When all three phases are completed, it will provide rental housing, a new North Shore Neighbourhood House (NSNH), a respite centre with 18 overnight beds and 25 adult daycare spaces, and a redesigned Derek Inman Park.

Budget 2025, to be tabled next week, will build on this momentum with further measures to lower costs for builders, catalyse private capital, and work towards doubling the pace of homebuilding across Canada. Budget 2025 will spend less on government operations and reduce waste, so we can invest more to grow our economy, build more homes, and make life more affordable for you.

Quotes:

“We need to build more, build better and build bolder. Through investments in rental housing, our government is supporting those who need it most, here in North Vancouver and across the country. We are committed to strengthening communities through initiatives like this one.” — The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada

“The Government of Canada is committed to increasing housing supply to enable enhanced affordability. I have been watching progress on what will be an 18-storey mass timber building – the new home to our beloved community services provider, the North Shore Neighbourhood House. Its 179 rental homes, from studios to three-bedroom units, will be a step forward for housing in North Vancouver – which is a real issue for many who live here. . It’s an example of what’s possible when all levels of government and the private sector work together. It’s also another step forward in our ambitious plan to build Canada strong.” — The Honourable Jonathan Wilkinson, Member of Parliament for North Vancouver–Capilano

“The development at 120 St. Georges Avenue is a great example of how BC Builds is transforming housing delivery in our province. With federal support, we’re bringing 179 new rental homes and a revitalized North Shore Neighbourhood House to life as quickly as possible. This project shows what’s possible when we work together to build vibrant, inclusive communities.” — The Honourable Christine Boyle, BC Minister of Housing and Municipal Affairs

“We welcome the federal government’s contribution to our BC Builds project at 120 St. Georges Ave. Better known as Phase 2 of the North Shore Neighbourhood House Redevelopment Project, this investment means real homes for people in North Vancouver. It means child care spaces, wellness programs, and a renewed a community hub that reflects the heart of the community.”

— The Honourable Bowinn Ma, MLA for North Vancouver-Lonsdale

“As housing costs continue to rise, it’s become increasingly difficult for people to live close to where they work,” said Linda Buchanan, Mayor of the City of North Vancouver. “This vital new funding from the Government of Canada is an investment in our shared commitment to building affordable, inclusive communities. The Hub Redevelopment offers a transformative solution–delivering affordable homes, strengthening essential services, and ensuring a vibrant, thriving community for generations to come.” — Linda Buchanan, Mayor, City of North Vancouver

“Catalyst Community Developments Society is grateful to the Government of Canada for making this investment in homes for people in North Vancouver possible. This project shows how strong federal leadership and committed local partners can deliver affordable homes close to where people live and work. At Catalyst, we’re ready to do more–in partnership with the Federal Government–to accelerate housing solutions that help more people and strengthen more communities. It’s also heartening to see Canada’s commitment to housing realized through community-based non-profit organizations like Catalyst.” — Scott Dutchak, President, Catalyst Community Developments Society

Quick Facts:

  • As of June 2025, the federal government has committed $69.62 billion to support the creation of over 170,700 units and the repair of over 322,300 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
  • The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to partnered organizations for new affordable housing and the renovation and repair of existing, affordable and community housing. This is a $16.1 billion program that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous Peoples, people living with disabilities, those with mental health or addiction issues, Veterans, and young adults.

    • As of June 2025, the Government of Canada has committed $12.91 billion to support the creation of over 50,300 units and the repair of over 174,600 units through the Affordable Housing Fund.
    • Affordable Housing Fund’s New Construction Stream, to support the creation of over 5,000 new units starting in 2025-26. Additionally, the Affordable Housing Fund’s Rapid Housing Sub-Stream will be accelerated, by pulling $385 million in funding from future years.
  • The federal government also recently released 50 downloadable technical design packages for the Housing Design Catalogue, featuring standardized housing designs for rowhouses, fourplexes, six-plexes and accessory dwelling units across the country. These designs for gentle density help builders and communities reduce the time and cost of developing construction plans, helping to accelerate approvals and construction starts. It will make it easier to add new housing options in established neighbourhoods and prioritizes wood-frame construction that supports local jobs and grows our economy. 
  • BC Builds is part of B.C.’s $19-billion housing investment. Since it launched, more than 3,900 homes are underway , bringing more housing options to people with middle incomes in the province.
  • Since 2017, the Province has more than 93,600 homes delivered or underway throughout BC
  • Funding for this project is as follows:
    • $84.7 million from the federal government through the Affordable Housing Fund
    • $24.5 million BC Builds grant from the Province, through BC Housing
    • $49.5 million from the City of North Vancouver for the North Shore Neighbourhood House as well as the land for the project

Additional Information:

  • Visit canada.ca/housing for the most-requested Government of Canada housing information. 
  • CMHC plays a critical role as a national facilitator to promote stability and sustainability in Canada’s housing finance system. Our mortgage insurance products support access to homeownership and the creation and maintenance of rental supply. We also actively support the Government of Canada in delivering on its commitment to make housing more affordable. Our research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity, and climate compatibility. Follow us on X, YouTube, LinkedIn, Facebook and Instagram. 
  • To learn how B.C. is working to deliver more homes for people, visit: https://gov.bc.ca/homesforpeople

SOURCE Canada Mortgage and Housing Corporation (CMHC)

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