Burnaby Unveils $55M Plan for 116 Below-Market Rental Homes

BURNABY, BC – February 20, 2026 – A major step to address Burnaby’s pressing housing affordability crisis was announced today, with the federal, provincial, and municipal governments revealing a combined investment of over $55 million to construct 116 new below-market rental homes in the city’s bustling Metrotown neighbourhood.

The project, a key component of the larger “The Reign” redevelopment, represents a significant public-private partnership aimed at providing secure, long-term housing for middle-income individuals and families who are increasingly being priced out of the community. The announcement brought together key figures including Wade Chang, Member of Parliament for Burnaby Central; BC's Minister of Housing, Christine Boyle; and Burnaby Mayor Mike Hurley, alongside Beau Jarvis, CEO of Wesgroup Properties, who represented the newly formed Waterleaf Housing Society.

“This is a significant step forward in our ongoing efforts to address the housing needs of our community,” stated MP Wade Chang on behalf of federal Housing Minister Gregor Robertson. He emphasized that the creation of over 100 new rental homes in Metrotown will “help families, workers, and young people put down roots and thrive in Burnaby.”

A Closer Look at the Metrotown Project

The new development, located at 6337 Cassie Avenue, is strategically positioned near the Metrotown SkyTrain station, offering residents crucial access to transit, commercial services, and Central Park. Slated for completion in 2028, the building will feature 92 one-bedroom and 24 two-bedroom units, specifically designed to meet the needs of the local workforce.

These homes are targeted at middle-income earners—a demographic often described as the “missing middle”—which includes essential workers such as teachers, tradespeople, and health-care professionals who earn too much to qualify for deep housing subsidies but not enough to afford market-rate housing in one of Canada’s most expensive regions. The project will replace older market-rental units on the site with modern, secure homes.

Under the terms of the agreement, the rents will be set at below-market rates. A portion of the units (20%) will have rents set at approximately 20% below the local market average, a key feature of the province's BC Builds program. This affordability model is designed to ensure that residents can build stable lives without facing the constant pressure of a volatile rental market or the burden of long, costly commutes.

Once completed, the 116 homes will be owned and operated by the Waterleaf Housing Society, a non-profit entity established by developer Wesgroup Properties to manage the community-focused housing component of its larger developments. This structure ensures the units remain affordable and professionally managed for the long term.

A Blueprint for Collaborative Funding

The project’s financial structure highlights a growing trend of multi-level government and private sector collaboration to tackle complex societal challenges. The over $55 million in total funding is a mosaic of contributions from each partner, showcasing a shared commitment to accelerating the supply of affordable housing.

The Government of Canada is providing the largest single contribution, a low-cost loan of $24.6 million through the Apartment Construction Loan Program (ACLP). This federal initiative, part of a Canada-BC Builds agreement, is designed to spur the construction of rental housing for middle-class Canadians across the country.

The Province of British Columbia, through BC Housing and its flagship BC Builds program, is injecting nearly $20 million in grant funding. “BC Builds is about ensuring people have access to homes that support their daily routines, helping them stay connected to their communities,” said Minister Christine Boyle, noting the importance of replacing aging units near transit and essential services.

The City of Burnaby is contributing over $480,000 through a development cost charge credit, a municipal tool used to incentivize the creation of affordable housing. Mayor Mike Hurley praised the initiative as a “great example of what we can achieve when government and the private sector work together to deliver the affordable homes our residents need.”

The private sector partner, Wesgroup Properties, is providing the land for the project and contributing approximately $10.5 million in cash equity. Beau Jarvis, speaking on behalf of Waterleaf Housing Society, expressed gratitude for the government support, highlighting a commitment to providing secure housing and offering homes to residents who previously lived on the site.

Addressing an Acute Regional Need

This announcement comes at a critical time for Burnaby, one of British Columbia's fastest-growing municipalities. The intense demand for housing has pushed prices to record highs and vacancy rates to near zero, creating immense pressure on residents. The city has committed to building 1,500 new affordable homes by 2026, and this project is a significant contribution toward that goal.

The initiative is part of a broader, concerted effort by all levels of government to address the housing crisis. In October 2025, the federal government announced over $763 million in ACLP funding for nearly 1,300 housing units in Burnaby as part of another master-planned community. Meanwhile, the provincial government has a goal of delivering over 95,000 new homes across B.C. since 2017, with nearly 5,500 of those located in Burnaby, including recent projects on Byrnepark Drive and the Eunice Oh Residence.

Despite these efforts, the development landscape remains fraught with challenges. Rising construction and delivery costs, coupled with slow market conditions, have tested even established developers. In a notable example from September 2025, Wesgroup itself cancelled a 204-unit project in Vancouver’s River District, citing higher-than-anticipated costs. This context underscores the difficulty of bringing new supply to market and highlights the essential role that public funding and partnerships play in making projects like the one on Cassie Avenue financially viable. By de-risking the project through grants and low-cost loans, the government partners are ensuring that these much-needed affordable units are not just planned, but built.