PORT MOODY, BC, Aug. 28, 2026 /CNW/ -- Far too many Canadians are struggling to find homes they can afford. Solving Canada's housing crisis requires immediate action to bring down costs, cut red tape, and build homes more quickly. The Government of Canada is stepping up with a bold new approach to build affordable housing across the country. We are focused on building great neighbourhoods that Canadians want to, and can afford to live in.

Central to that work, the Government of Canada has launched Build Canada Homes, which is helping increase the pace of affordable homebuilding. Build Canada Homes is also helping fight homelessness by building transitional and supportive housing – working with provinces, territories, municipalities, and Indigenous communities. It is building deeply affordable and community housing for low-income households, and partnering with private market developers to build affordable homes for the Canadian middle class.

As part of the Government of Canada's broader efforts to respond to the housing crisis, investments are being made across the housing continuum to respond to the needs of communities across Canada.

Today, the federal government announced more than $165 million through the Apartment Construction Loan Program (ACLP) to build 342 new rental units in Port Moody, including 86 below- market rental homes. The project will form part of the Inlet District masterplan, a mixed-use scheme that will deliver more than 2,500 homes along with commercial space, including a daycare and grocery store to the Inlet Skytrain Station.

The announcement was made by Zoe Royer, Member of Parliament for Port Moody-Coquitlam, on behalf of the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada alongside Meghan Lahti, Mayor of Port Moody, and Kaylen Blomkamp, Director of Development, Wesgroup.  

The Government of Canada is making the housing investments that will help strengthen Canadian supply chains and create good jobs at every step of the homebuilding process – helping to build more homes and a stronger Canadian economy at the same time.

Quotes:

"Our Government is committed to helping communities build the housing they need to support current and future generations. This project will create more rental homes in Port Moody, helping families put down roots and ensuring that young people, teachers, healthcare professionals, and other workers can continue to live and thrive in the community they call home." – Zoe Royer, Member of Parliament for Port Moody-Coquitlam on behalf of the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada

"Today's announcement of funds from the Government of Canada is excellent news for Port Moody – for young people starting out, families wanting to remain close to work and school, seniors hoping to age in place, essential workers who keep our city running, and others looking for a place to call home in this community. This project will increase the supply of much-needed rental housing in Port Moody, in a transit-oriented, well-connected location. It's an example of what can be achieved when governments, community partners such as CMHC, and the private sector work together toward a common goal."– Meghan Lahti, Mayor of Port Moody

"Delivering rental housing at this scale requires strong collaboration between government and the private sector. CMHC's secure, long-term financing is helping make 342 new purpose-built rental homes possible at Inlet District, including 86 below-market homes, at a time when challenging market conditions are making new rental housing increasingly difficult to deliver. We are grateful for CMHC's investment and the City of Port Moody's continued support, which together are helping us move this important project forward and deliver much-needed homes in a complete, transit-connected community." – Kaylen Blomkamp, Director of Development, Wesgroup

Quick Facts:

• The $55 billion Apartment Construction Loan Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031 – 2032.
  • The ACLP provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
  • A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
  • As of March 2026, CMHC has committed $30.82 billion in loans through ACLP to support the creation of more than 78,200 rental homes.
  • It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
  • It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
• Funding provided for Inlet District is as follows:
  • $165 million from the federal government, through the Apartment Construction Loan Program
  • $19.29 million from Wesgroup in land and cash equity

Additional Information:

• Visit canada.ca/housing for the most-requested Government of Canada housing information. 
• Build Canada Homes is ready to partner with organizations committed to increasing the supply of affordable housing across Canada. Learn more about the portal and the Investment Policy Framework.
• Canada Mortgage and Housing Corporation (CMHC) is a federal Crown corporation and the foundation of Canada's housing system. For over 80 years, CMHC has supported the functioning of housing markets across the country through housing finance solutions — including mortgage loan insurance and securitization — while providing trusted, unbiased data, research and market intelligence to inform policy and decision making. Through its national presence, deep expertise in housing economics and finance, and a system-wide perspective, CMHC helps foster a more stable, well-functioning housing market that supports households, communities and the broader economy.
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SOURCE Canada Mortgage and Housing Corporation (CMHC)