Burnaby Secures Funding for 183 New Rental Homes

📅 5 days ago

The federal government, City of Burnaby, and Burnaby Housing Authority have announced funding for a new rental housing project aimed at families.

On September 2, a collaborative effort between the federal government, the City of Burnaby, and the Burnaby Housing Authority came to fruition with the announcement of nearly $92 million in funding aimed at constructing 183 secure rental homes. This new development will be situated at 6203 Marine Drive in Burnaby's South Slope neighbourhood, conveniently located near the Rosemary Brown Recreation Centre, educational institutions, and childcare facilities.
The allocation of units is particularly family-oriented, with 125 designated as three-bedroom units and 58 as two-bedroom units, diverging from the typical focus on smaller studio and one-bedroom apartments that generally dominate the rental market. The majority of the financial backing, amounting to $84.5 million, is sourced from the federal Apartment Construction Loan Program (ACLP), a substantial $55-billion initiative designed to provide low-cost, fully repayable loans that stimulate the construction of new rental housing.
In addition to federal funding, the Burnaby Housing Authority is contributing $3.9 million, while the City of Burnaby and TransLink are offering development cost charge credits of $833,000 and $511,525, respectively. Notably, Metro Vancouver has waived its development cost charges for this project, further easing the financial burden.
A distinctive feature of this initiative is the ownership structure of the homes post-construction. The Burnaby Housing Authority will retain ownership of the units, which are being built on land leased long-term from the City of Burnaby. This approach is intended to ensure that the housing remains in public ownership for generations, mitigating the risks associated with future resale or conversion into market-rate housing.
This project marks one of the inaugural developments spearheaded by the Burnaby Housing Authority, a new municipal corporation established to address housing needs. John McEown, the CEO of the Authority, expressed that this initiative serves as a testament to the potential of this new structure, which collaborates with the federal government, the City, and Mosaic Homes.
Gregor Robertson, the Minister of Housing and Infrastructure, contextualized the funding as part of a larger strategy to enhance housing supply and affordability in rapidly growing communities. Meanwhile, Burnaby Mayor Mike Hurley emphasized that this project represents a significant milestone in the local housing market, specifically targeting the need for family-sized rental units.
As the third-largest city in British Columbia, Burnaby is witnessing a pressing demand for adequate housing. The construction at 6203 Marine Drive is set to be one of the largest purpose-built rental townhome projects in the province. The federal Apartment Construction Loan Program has committed a total of $30.82 billion to date, facilitating the development of over 78,200 rental homes across the country as of March 2026, with a goal of reaching 131,000 by the years 2031-2032. In a landscape where rental construction often leans towards smaller units, this project at 6203 Marine Drive stands out with a significant proportion—nearly 70%—of the units designed for families to reside in long-term.

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