Building more homes in Kitchener

KITCHENER, ON, Sept. 29, 2025 /CNW/ - Solving Canada's housing challenges requires immediate action to bring down costs. To provide Canadians with increased access to affordable and sustainable housing, the government is supporting the construction of 398 new rental homes with an investment of over $160 million through the Apartment Construction Loan Program (ACLP).

The announcement was made by The Honourable Bardish Chagger, Member of Parliament for Waterloo, on behalf of the Honourable Gregor Roberston, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada.

The property at 3243 King Street East, a 398-unit apartment building owned by Vive Development is breaking ground of the second tower of a three-phase development. The master-planned site features a private road network and pedestrian walkway connecting both street frontages. All three towers will share a two-level underground and structured parking facility, ensuring ample on-site parking. A landscaped rooftop above the parking structure will offer shared outdoor amenities and recreational space for residents.

In addition, today marked a major milestone with the ribbon-cutting for Phase one that is completed and started welcoming the first residents to the community since August 2025.

As we build a strong Canadian housing sector, purposeful collaboration will be essential. That means working hand-in-hand with our partners to bring down costs and build homes at a scale and speed not seen since the Second World War.

Quotes:

"We are committed to working with our partners to rise to the challenge of building more housing in our community. Through the Apartment Construction Loan Program, we are taking action to increase the supply of new rental housing by investing more than $160 million in the construction of 398 new homes in Kitchener. This is more than just construction, it's about creating real opportunities for individuals and families to thrive, to grow, and to build their future with stability and dignity." – The Honourable Bardish Chagger, Member of Parliament for Waterloo

"We're proud to partner with all levels of government to help deliver much-needed rental housing in Kitchener. This project represents more than 390 new homes and a shared commitment to increasing housing supply, supporting local workers and families, and helping the community grow. With support from the Apartment Construction Loan Program, we're building more than just housing — we're helping create lasting opportunities for people to live, thrive, and call Kitchener home." –Stephen Litt, Chief Development Officer, Vive Development Corporation 

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 June 2025, CMHC has committed $24.9 billion in loans through ACLP to support the creation of more than 63,500 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.
  • Budget 2024 announced enhancements to the ACLP which includes the program being extended from 2027 – 2028 to 2031 – 2032. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors housing. There are no longer minimum requirements relating to energy efficiency and accessibility, instead applicants will benefit from making stronger commitments to desired rental supply and social outcomes.
• Funding provided for 3243 King Street East is as follows:
  • $160 million in fully repayable loans from the federal government, through the Apartment Construction Loan Program
  • Phase one of this project has received $115 million in fully repayable loans from the federal government, through the Apartment Construction Loan Program announced in 2023.

Additional Information:

• Visit canada.ca/housing for the most-requested Government of Canada housing information. 
• CMHC plays a critical role as a national facilitator to promote stability and sustainability in Canada's housing finance system. Our mortgage insurance products support access to homeownership and the creation and maintenance of rental supply. We also actively support the Government of Canada in delivering on its commitment to make housing more affordable. Our research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity, and climate compatibility. Follow us on X, YouTube, LinkedIn, Facebook and Instagram. 

SOURCE Canada Mortgage and Housing Corporation (CMHC)