Ottawa/Fraser Valley – On November 16, the federal government announced nearly $180 million to build 590 purpose-built rental homes across four projects in Abbotsford, Langley, and Surrey. The funding will come as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).
The announcement was made at The Hub by John Aldag, Member of Parliament for Cloverdale – Langley City, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside Lara Holtby, Chief Financial Officer at Wiebe Properties.
Located at 3070 Gladwin Road in Abbotsford, this project contains 64 units. The Hub will also include a 9,000 square foot amenity centre on the ground floor where residents can access a gym and fitness centre, multipurpose room, lounge areas, business centre with working spaces, guest suites for friends and family, and an outdoor patio. Construction of The Hub is expected to be complete in summer 2024.
Next to The Hub — also by Wiebe Properties — is Park Suites, located at 3030 and 3040 Gladwin Road, which was completed in 2022. Park Suites spans two buildings and offers 157 units. Both The Hub and Park Suites are part of Central Park Village, a community spanning 9.5 acres.
Canada’s construction of rental homes has not kept pace with the country’s growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the RCFi to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.
Funding details for the four projects include:
- $35.5 million RCFi for Park Suites, 3030 and 3040 Gladwin Road
- $18.1 million for The Hub, 3070 Gladwin Road
- $64 million RCFi for 213 units at Pennyfarthing Apartments, 2023 456 Avenue, Langley; $9.15 million from Pennyfarthing Homes
- $62.3 million RCFi for 156 units at the Grove, 16622 24 Street, Surrey