The federal government has announced $17.4 million to build 44 rental homes in Squamish. The funding will come as fully repayable low-interest loans through the Apartment Construction Loan Program.
MP Patrick Weiler made the announcement on behalf of Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities. Local developer Jason Wood, the President of Diamond Head Development, also joined the MP.
Located at 39180 Finch Place, the Artemis will be a six‐storey building offering 44 rental apartments for low- to moderate-income households. It includes a mix of one, two, and three-bedroom units. The building will be designed sustainably, using energy-efficient materials and systems to minimize its environmental impact.
The building is part of the Finch Drive community with amenities like outdoor space, balconies, in-suite laundry, bike storage, meeting room, and parking. The project is expected to be completed by late 2025.
The press release by MP Weiler notes that Canada’s construction of rental homes has not kept pace with the country’s growing cities and population, leading to a decline in the existing and aging rental stock for decades. The federal government introduced the Apartment Construction Loan Program to help build more rentals.
“The Government of Canada is proud to invest over $17 million to build 44 new, affordable homes for Squamish that will allow residents to live, work and play in our growing community. This innovative new housing development will save residents money through state-of-the-art energy efficiency measures,” Weiler said.
Jason Wood said Diamond Head Development is proud to partner with CMHC to bring much-needed affordable rental homes to Squamish.
“At Finch Drive, we’re creating the most environmentally conscious community in the Sea to Sky region. This thoughtfully designed neighbourhood has homes built to the highest sustainability standards. Our goal is to inspire other developers to embrace this standard of building and help shape a more sustainable Squamish,” Wood said.
glenn says
Hmm no news here just the liberal party trying to buy their way back into power with your own tax dollars.