Canada invests in new rental housing units in Saint John

SAINT JOHN, NB, Oct. 15, 2025 /CNW/ - Solving Canada's housing crisis requires immediate action to build up supply and bring down costs. The Government of Canada is stepping up with unprecedented investments to supercharge housing construction across Canada. To that end, the federal government launched Build Canada Homes, a new federal agency that will build affordable housing at scale, including transitional and supportive housing, deeply affordable and community housing, and affordable homes for the Canadian middle class.

As we build a strong Canadian housing sector, purposeful collaboration will be essential. That means working together with the non-profit sector to bring down costs and build homes at a scale and pace not seen in generations. These investments are also providing Canadians with increased access to affordable and sustainable housing.

The Apartment Construction Loan Program (ACLP) provides fully repayable low-interest loans to catalyze the construction of more rental units for middle-class Canadians.

Today, the federal government made an investment of over $30 million for the construction of 79 housing units in Saint John through the Apartment Construction Loan Program (ACLP).

Fundy Quay SW Building is a 79-unit residential development, situated in the heart of Saint John's Uptown and Waterfront district. The project aims to provide sustainable and accessible housing while placing residents near employment opportunities, essential services, and public transit. The development is scheduled for completion by late 2026.

The announcement was made by the Honourable Wayne Long, Secretary of State (Canada Revenue Agency and Financial Institutions) and Member of Parliament for Saint John—Kennebecasis, at the site of the Fundy Quay SW Building project.

Budget 2025, to be tabled next month, will build on this momentum with further measures to lower costs for builders, catalyse private capital, and double the pace of homebuilding across Canada. Budget 2025 will spend less on government operations and reduce waste, so we can invest more to grow our economy, build more homes, and make life more affordable for you.

Quotes:

"We need to build more, build better and build bolder. Through investments in rental housing, our government is supporting those who need it most, here in Saint John and across the country. We are committed to strengthening communities through initiatives like this one." – The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada

"The Government of Canada is committed to working with our partners to rise to the challenge of building more housing in Canada. Through the Apartment Construction Loan Program, we are taking action to increase the supply of new rental housing by investing more than $30 million in the construction of 79 homes in Saint John. This is more than just construction, it's about creating opportunities for individuals and families to thrive, to grow, and to build their future with stability and dignity." – The Honourable Wayne Long, Secretary of State (Canada Revenue Agency and Financial Institutions) and Member of Parliament for Saint John—Kennebecasis

"We at Fundy Harbour Group are committed to our vision of providing quality housing in and around Saint John. With this project, we are especially excited to bring to market new housing in a prime location on Saint John's waterfront. We are very grateful for the help and contribution of the Federal Government on this project. If it were not for the ACLP loan program in combination with the Federal, and subsequently Provincial, initiative to remove GST/PST from the input costs on construction of new rental housing, this project would not have gone forward. In speaking with the development community, these Federal housing policies have been the difference-makers for getting many new apartments delivered all across Canada. We are very honoured to be championing a new vision for Saint John's waterfront with the help and support of the Federal government." – Chris Elias, President, Fundy Quay SW LP

Quick facts:

• The $55 billionApartment 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 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 (NHS) 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.
    
    
• The federal government also recently released 50 downloadable technical design packages for the Housing Design Catalogue, featuring standardized housing designs for rowhouses, fourplexes, sixplexes and accessory dwelling units across the country. These designs for gentle density help builders and communities reduce the time and cost of developing construction plans, helping to accelerate approvals and construction starts. It will make it easier to add new housing options in established neighbourhoods and prioritizes wood-frame construction that supports local jobs and grows our economy.

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)