$127 million in federal financing for 254 rental homes in East Vancouver

Aug 11 2021, 8:14 pm

Freedom Capital was founded in 2010 and operates as one of the largest National brokerages solely dedicated to the alternative and commercial mortgage market in Canada.


Low-cost loans from the federal government totalling $127.4 million will cover a portion of the construction financing needed to build 254 rental homes across two separate private development projects in East Vancouver.

This financing was announced by Canada Mortgage and Housing Corporation (CMHC) on Wednesday, with the source of the funding coming from the National Housing Strategy’s Rental Construction Financing initiative (RCFi). The program focuses on catalyzing affordable housing for middle-class households in Canada’s expensive urban housing markets.

A six-storey, mixed-used building by Mosaic Homes at 2109 East Hastings Street in the Grandview-Woodland neighbourhood will contain 42 secured market rental homes. It will replace a former Dairy Queen location.

“New rental housing in Vancouver is paramount, and our Lakewood Living project, with the help of the CMHC and its RCFi initiative, will provide a significant source of rental housing to Vancouver’s East Village neighbourhood with close proximity to amenities, transit, and employment opportunities,” said Max Bruce with Mosaic Homes in a statement.

“We are excited to be a part of this vibrant, walkable community and we are looking forward to contributing crucial rental options in the area.”

2109 east hastings street vancouver lakewood living mosaic homes

Artistic rendering of 2109 East Hastings Street, Vancouver. (Yamamoto Architecture/Mosaic Homes)

Over in the Hastings-Sunrise neighbourhood, PCI Developments will receive financing for a pair of 15-storey, mixed-use towers at 3600 East Hastings Street and 3680 East Hastings Street.

Both towers combined will have 212 secured rental homes, including 43 non-market units and 169 market units.

The two sites for PCI’s project, just east of Hastings Park, are at a transit-oriented location — right next to TransLink’s major Kootenay bus loop.

3600-3680 east hastings street vancouver pci developments

Artistic rendering of 3600-3680 East Hastings Street, Vancouver. (BHA Architecture/PCI Developments)

“As a local Vancouver developer, PCI is focused on building new, desirable rental housing to help address the acute need for quality affordable homes for those living and working in our City,” said Kristen Devaney, CFO of PCI.

“It is because of CMHC’s Rental Construction Financing initiative and the support from the community and the City that we are able to viably deliver significant supply of secured market and below market rental homes in this great community.”

3600-3680 east hastings street vancouver pci developments

Artistic rendering of 3600-3680 East Hastings Street, Vancouver. (BHA Architecture/PCI Developments)

3600 3680 East Hastings Vancouver

Artistic rendering of 3600-3680 East Hastings Street, Vancouver. (BHA Architecture/PCI Developments)

This content was created by Daily Hive’s editorial team independently, with financial support from a sponsor.
Kenneth ChanKenneth Chan

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