BURNABY, BC, March 3, 2026 /CNW/ – Far too many Canadians are struggling to find homes they can afford. Solving Canada’s housing crisis requires immediate action to bring down costs, cut red tape, and build homes more quickly. The Government of Canada is stepping up with a bold new approach to build affordable housing across the country.
Central to that work, the Government of Canada launched Build Canada Homes, which is helping increase the pace of affordable homebuilding. Build Canada Homes is also helping fight homelessness by building transitional and supportive housing – working with provinces, territories, municipalities, and Indigenous communities. It is building deeply affordable and community housing for low-income households, and partnering with private market developers to build affordable homes for the Canadian middle class.
As part of the Government of Canada’s broader efforts to respond to the housing crisis, work is being done across the housing continuum to respond to the needs of communities across Canada.
Today, the federal government, along with Baydo Group announced over $157 million in combined funding to help build 388 secure, rental homes in Burnaby. The project, located at 6616 and 6630 Telford Ave in the Metrotown area of Burnaby, will be called Baydo Apartments. It will include two towers with a total of 388 homes for families, seniors, and individuals in Burnaby. Both towers offer a balanced mix of high-quality amenities that support active lifestyles, community engagement, and connected urban living.
Also highlighted today is Burnaby’s success in meeting their Housing Accelerator Fund commitments and exceeding housing unit targets. Through the program, the Burnaby Housing Authority was created and development approval processes and timelines have been greatly improved through modern approaches to zoning and municipal technological advances. This sets the stage for streamlined approval of future housing projects like the ones announced today. As such, Burnaby received their third payment of $10.8 million. The Housing Accelerator Fund continues to have a positive impact across Canada in encouraging local governments to think big and be innovative in their response to the housing crisis.
The announcement was made by the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada alongside Wade Chang, Member of Parliament for Burnaby Central, and Dr Yufeng Wang, Owner and Founder, Baydo Group.
The announcement today builds on efforts happening across the B.C. to build more homes quickly. Most notably, this includes a new partnership between Canada and British Columbia, through Build Canada Homes, to deliver on 1,100 units, with a minimum of 700 shovel‑ready supportive and transitional homes as well as at least 400 affordable rental homes.
The Government of Canada is making the housing investments that will help strengthen Canadian supply chains and create good jobs at every step of the homebuilding process – helping to build more homes and a stronger Canadian economy at the same time.
Quotes:
“We are making the critical investments to build more homes in B.C. With the recently announced Build Canada Homes partnership with B.C., we will be delivering on hundreds of affordable homes across the province. Today’s announcement builds on that work and help takes it even further. By addressing the need for more rental housing through strong partnerships and a shared commitment to the future of our communities. We aren’t just building housing, we are building opportunity, stability, and a foundation for communities to thrive.” – The Honourable Gregor Robertson, Minister for Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada
“Rental housing plays a vital role in keeping neighborhoods vibrant, supporting local businesses, schools, and services, and ensuring that the people who power our communities can continue to be part of them. When we expand quality rental options, we’re investing in the long-term health, stability, and prosperity of the entire community.” – Wade Chang, Member of Parliament for Burnaby Central
“This project fits the vision of Baydo: to provide homes for everyone by focusing on building purpose-built rentals; places that families can call home. With nine buildings under construction in the Lower Mainland and 1,300 units in development in Metrotown, we’re proud to be playing an integral role in enhancing Burnaby’s local economy and helping to solve the housing crisis.” – Dr Yufeng Wang, Owner and Founder of Baydo Group
Quick Facts:
- The $55 billion Apartment Construction Loan Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031 – 2032.
- The ACLP provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
- A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
- As of September 2025, CMHC has committed $28.15 billion in loans through ACLP to support the creation of more than 71,400 rental homes.
- It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
- It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
- Baydo Group includes an internal design team, a comprehensive construction division, and seven specialized trade companies. This vertically integrated structure allows Baydo to manage every stage of development, from the initial excavation to final project delivery, ensuring quality, efficiency, and accountability throughout the construction process.
- Funding provided for 6616 and 6630 Telford Ave includes:
- $115.1 million from the federal government, through the Apartment Construction Loan Program
- $41.9 million from Baydo Group
- Construction is expected to be complete in 2027.
Additional Information:
- Visit canada.ca/housing for the most-requested Government of Canada housing information.
- Build Canada Homes is ready to partner with organizations committed to increasing the supply of affordable housing across Canada. Learn more about the portal and the Investment Policy Framework.
- CMHC plays a critical role as a national convenor to promote stability and sustainability in Canada’s housing finance system. CMHC’s mortgage insurance products support access to home ownership and the creation and maintenance of rental supply. CMHC research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, CMHC contributes to advancing housing affordability, equity, and climate compatibility. CMHC actively supports the Government of Canada in delivering on its commitment to make housing more affordable.
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SOURCE Canada Mortgage and Housing Corporation (CMHC)
Featured Image: Deposit Photos @ Sepy