A significant $763 million loan from the federal government has been secured to facilitate the construction of nearly 1,300 rental residences in Burnaby, British Columbia. Grosvenor, the development firm, disclosed that the funds, obtained through the Apartment Construction Loan Program (ACLP), will support the building of 1,279 rental units within the Brentwood Block project situated on Lougheed Highway, between Alpha and Beta avenues. The development is set to include the tallest all-rental tower in Western Canada, in addition to condominiums, retail space, and a community center for the City of Burnaby.
Surrey MP Randeep Sarai, present at the announcement, emphasized the tangible impact this investment will have on Burnaby residents, citing the creation of much-needed housing and relief from the housing shortage. The loan, identified as the second-largest of its kind in Canada under the ACLP by Grosvenor, aims to expedite the construction of the rental homes.
The Canadian Mortgage and Housing Corporation (CMHC) defines the ACLP as a funding source for residential projects focused on standard rental, seniors, and student housing where there is a demand for additional rental units in Canada. The program, a $55 billion initiative, is projected to offer low-cost financing for 131,000 new rental properties nationwide by 2032, with over 63,500 rental homes already built as of June 2025.
Grosvenor plans for the Brentwood Block development to ultimately comprise 3,500 residences, including 2,450 purpose-built rentals, with ongoing construction activities for strata homes within the project.
