The Canadian government is providing $107.5 million in low-interest loans through the Rental Construction Financing Initiative (RCFi) to build a 215-unit multifamily complex in Vancouver.
The project is known as W42 and the government’s funding is part of a federal program to provide $500 million for the construction of over 1,110 units. The 19-story W42 will be developed in the city’s Cambie Corridor and will offer a mix of studio, one-, two- and three-bedroom units.
The project’s low-interest loan was arranged through the Canada Mortgage and Housing Corp. and the Vancouver developer Marcon, which contributed $6.6 million in cash equity. Construction is expected to be completed in June 2025.
Sean Fraser, Canada’s minister of housing, infrastructure and communities, said W42 represented “the success that can be achieved when different levels of government work together and with community partners, including the private sector, to address the housing challenges Canadians are facing. Because of funding through the RCFi, 215 new purpose-built rental homes will be built in Vancouver. This is one of the many initiatives the government has implemented to increase housing supply across the entire housing spectrum, so that all Canadians have a safe place they are proud to call home.”
Photo: Artistic rendering of the W42, courtesy Rositch Hemphill Architects/Marcon Developments.
