North Vancouver is getting more housing thanks to two rental projects that have delivered 104 units with 89 more units to come.
Both projects received funding through the Rental Construction Financing Initiative (RCFi) for a combined total of $92 million, according to two Nov. 10 Canada Mortgage and Housing Corporation (CMHC) announcements.
Roughly $52 million of RCFi funds went towards the construction of 104 purpose-built rental units that are now completed and fully leased. An additional $4.1 million was also contributed to the project from Wall Trails Rental LP.
The second project will deliver 89 purpose-built rental homes thanks to roughly $40 million in funding through the RCFi, $6.7 million from Anthem Baden Apartments Holdings LP, in addition to community amenity contributions from the District of North Vancouver.
These homes have been given a completion date of summer 2025 and will be located just off the Mount Seymour Parkway at Baden Park, according to the CMHC.
“We’re very thankful CMHC has partnered with us. At Anthem Properties, we build a wide variety of housing throughout Greater Vancouver,” said Rob Blackwell, executive vice-president of development at Anthem Lytton Street Development, in a press release.
“With our Baden Park project, we are able to bring 89 much needed purpose-built affordable and market rental homes to the District of North Vancouver.”
Both projects are tied the federal Minister of Housing Sean Fraser’s August 2023 visit to Vancouver where he announced the construction of more than 1,100 purpose-built rental homes. The construction of these homes is made possible thanks to $500 million in RCFi funding.
This rental initiative provides fully repayable low-interest loans with the aim to encourage construction of rental units geared towards middle-income Canadians, according to CMHC.
“The federal government will continue to make strategic investments through programs like the RCFi, while also working with our partners so that all Canadians, including residents of North Vancouver, have a safe place that they are proud to call home,” said Fraser in a press release.