Canada Mortgage and Housing Corporation, Burnaby Housing Authority Corporation Secure Nearly $92 Million for 183 Rental Townhomes in Burnaby

The federal government, the City of Burnaby, and the Burnaby Housing Authority Corporation announced nearly $92 million in combined funding on Sept. 2, 2026, to develop 183 purpose-built rental townhomes at 6203 Marine Drive in Burnaby, British Columbia. Canada Mortgage and Housing Corporation is supplying $84.5 million of that total through its Apartment Construction Loan Program, making the project one of the largest purpose-built rental townhome developments in the province.

Project Details: Family-Sized Units in South Slope

The development at 6203 Marine Drive sits in Burnaby's South Slope neighbourhood, adjacent to the Rosemary Brown Recreation Centre, schools, childcare facilities, and other community amenities. The 183 homes consist of 58 two-bedroom units and 125 three-bedroom units, with the unit mix oriented toward families seeking larger rental accommodations — a segment that has historically been underserved by Metro Vancouver's rental stock, which has been dominated by condominium towers and mid-rise apartment buildings rather than grade-related townhomes.

Construction began in March 2026, with completion targeted for September 2028. The Burnaby Housing Authority Corporation will own the homes, which will sit on land leased long-term from the City of Burnaby — a ground lease structure designed to keep the asset in public hands for generations. Mosaic Homes is serving as the private development partner on the project.

Capital Stack: Federal Debt Anchors the Financing

The nearly $92 million in total public funding is structured primarily as low-cost federal debt. Canada Mortgage and Housing Corporation's Apartment Construction Loan Program is providing $84.5 million in fully repayable, low-interest financing. The Burnaby Housing Authority Corporation is contributing $3.9 million in equity. The remainder comes through development cost charge credits: $833,000 from the City of Burnaby, $2 million from Metro Vancouver, and $511,525 from TransLink. Those credits function as cost offsets that improve project feasibility, particularly for larger family-sized units that carry higher per-door construction costs.

The Apartment Construction Loan Program is a $55 billion national initiative targeting the creation of more than 131,000 new rental homes across Canada by 2031–2032. As of March 2026, Canada Mortgage and Housing Corporation had committed $30.82 billion in loans through the program to support more than 78,200 rental homes.

Burnaby Housing Authority Corporation's Role

The 6203 Marine Drive project represents one of the first developments led by the Burnaby Housing Authority Corporation, a municipal corporation established to accelerate housing delivery in British Columbia's third-largest city. John Brendan McEown, CEO of Burnaby Housing Authority Corporation, described the project as a demonstration of the organization's capacity to deliver affordable and rental housing through public-private partnerships.

"We are proud to be delivering a landmark rental townhome community that showcases Burnaby Housing Authority's ability to accelerate the delivery of affordable and rental housing in a cost-effective way through strong partnerships," McEown said. "Working with the Government of Canada, CMHC, the City of Burnaby, and Mosaic Homes, we are creating lasting community benefits while expanding housing choice."

Burnaby Mayor Mike Hurley called the project "an exciting milestone for Burnaby as one of the first developments led by the Burnaby Housing Authority," adding that the family-sized rental townhomes fill "an important gap in the housing market."

The announcement was also made by the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada. "Today's investment reflects our commitment to increasing housing supply, improving affordability, and helping build stronger, more resilient communities for generations to come," Robertson said.

Market Context and Program Scale

Burnaby's apartment vacancy rate has climbed to approximately 5.9–6.0%, yet purpose-built, family-oriented rental townhomes remain scarce in Metro Vancouver's overall inventory. The 6203 Marine Drive project is designed to address that specific gap, providing three-bedroom units that account for roughly 68% of the total unit count.

Canada Mortgage and Housing Corporation reported a 22% increase in total income before taxes in 2025, driven in part by growth in multi-unit insurance products, along with a 33% increase in insurance revenue and a 14% increase in investment income. Insurance-in-force reached $471 billion in 2025, up $31 billion from 2024. The corporation's arrears rate across insured loans stood at 0.32%, consistent with pre-pandemic levels. Those figures reflect an expanding balance sheet that supports the scaling of construction lending programs like the Apartment Construction Loan Program.

The Apartment Construction Loan Program is designed to serve middle-income renters and complements other National Housing Strategy initiatives that focus on lower-income households.

Sources

Canada Mortgage and Housing Corporation — News Release, Sept. 2, 2026