CMHC Provides $165 Million to Wesgroup Properties for 342-Unit Rental Development in Port Moody

Canada Mortgage and Housing Corporation has committed more than $165 million in construction financing to Wesgroup Properties for a 342-unit rental phase of the Inlet District master-planned community in Port Moody, British Columbia, the federal government announced August 28, 2026.

The loan is being issued through the federal Apartment Construction Loan Program (ACLP) and will fund 342 purpose-built rental homes, of which 86 — approximately 25 percent of the total — are designated as below-market rental units. Wesgroup is contributing $19.29 million in land and cash equity, bringing the total identified financing and equity stack for the phase to approximately $184.3 million, or roughly $539,000 per unit.

Project Overview: Inlet District in Port Moody

Inlet District is a master-planned, mixed-use community situated on approximately 14.8 to 15 acres at Ioco Road and Barnet Highway in Port Moody, immediately adjacent to the Inlet Centre SkyTrain Station on the Millennium Line. At full build-out, the project is slated to deliver more than 2,500 homes alongside approximately 115,000 square feet of retail and office space, roughly 9,500 square feet of daycare space across two facilities with capacity for 194 children, and more than 2.5 acres of park space.

The masterplan includes six high-rise residential towers — three at 26 storeys and three at 31 storeys — as well as three six-storey mid-rise residential buildings and a four-storey office building. The CMHC-financed rental phase, associated with Building 2 of Phase A, represents a conversion of what had originally been programmed as condominium and office space into secured market rental housing. A rezoning text amendment to facilitate that conversion was submitted in August 2025 and approved in October 2025. Wesgroup broke ground on Building 1 of Phase A, known as 1 Market Square, in December 2025.

The ACLP loan equates to approximately $482,000 per unit in federal construction debt. CMHC describes the financing as fully repayable low-interest debt rather than a grant, structured to support feasibility amid what the corporation characterized as challenging market conditions for new rental delivery.

Federal Financing Program Context

The Port Moody commitment is part of the broader $55 billion Apartment Construction Loan Program, which the federal government has designed to support more than 131,000 new rental homes across Canada by 2031–2032. As of March 2026, CMHC had committed $30.82 billion in ACLP loans to support the creation of more than 78,200 rental homes nationwide.

The ACLP sits within the federal National Housing Strategy and is administered under the government's Build Canada Homes initiative, which also targets transitional and supportive housing, deeply affordable community housing, and middle-class rental supply through private-sector partnerships.

The announcement was made by Zoe Royer, Member of Parliament for Port Moody–Coquitlam, on behalf of Gregor Robertson, Minister of Housing and Infrastructure. Port Moody Mayor Meghan Lahti and Kaylen Blomkamp, Director of Development at Wesgroup, also participated in the announcement.

Quotes from Announcement Participants

Mayor Lahti said the project represents what can be achieved through collaboration between governments, CMHC, and the private sector, noting the transit-oriented location as a key attribute for renters including young people, families, seniors, and essential workers.

Kaylen Blomkamp, Director of Development at Wesgroup, said: "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."

Market Context

The Inlet District financing illustrates a pattern that has emerged across Metro Vancouver's rental market: large-scale, transit-adjacent sites where developers are converting originally planned condominium programs into secured rental product, often requiring government-backed construction debt to achieve feasibility. The ACLP's low-interest, fully repayable structure is positioned as a mechanism to bridge the gap between construction costs and achievable rents without direct subsidy to taxpayers.

The 86 below-market units represent an affordable component within a market-rate rental framework, meeting CMHC's affordability criteria under the ACLP.

Canada Mortgage and Housing Corporation is a federal Crown corporation that has supported housing finance in Canada for more than 80 years through mortgage loan insurance, securitization, and housing market research.

Sources

Canada Mortgage and Housing Corporation — Canada announces funding for new homes in Port Moody (August 28, 2026)