Canada Mortgage and Housing Corporation has announced a $76.3 million investment to expand the Hoy Creek Housing Co-operative in Coquitlam, delivering 146 new affordable homes in the heart of the city.
In a press release, CMHC said the funding will support the construction of a new co-operative housing building at 2901 Glen Drive, a short walk from Lincoln SkyTrain station. The project will include a mix of studio, one-, two-, and three-bedroom apartments for people with moderate to middle incomes, including 33 fully accessible units.
Amenities will feature a fitness room, playground, and direct access to nearby trails and greenspaces. Residents will be members of a co-operative model that fosters community participation in new co-op housing in -more than 30 years. The program was co-designed with the Co-operative Housing Federation of Canada to address the sector’s specific needs and help create homes more affordable than private market rentals.
The City of Coquitlam is also investing $3.65 million through its Affordable Housing Reserve Fund, and Metro Vancouver has waived $2.1 million in development cost charges. The project is being delivered in partnership with the Province of British Columbia through BC Builds at BC Housing.
Earlier this week, the federal government also launched the Build Canada Homes Investment Policy Framework, outlining a new national approach to affordable housing investment. Build Canada Homes aims to accelerate construction across the housing continuum — from transitional and supportive housing to affordable homes for middle-income Canadians.
“This phase will deliver 146 new non-market rental homes in our City Centre, providing accessible and affordable housing where individuals and families can put down roots,” said Mayor Stewart, noting that collaboration between all levels of government is key to addressing housing challenges.
Minister Robertson said the Hoy Creek expansion “marks another step forward in our bold, ambitious plan to build Canada strong,” while MP McKinnon highlighted the importance of co-operative housing as “affordable, inclusive, and sustainable homes that respond directly to local needs.”
Thom Armstrong called the Hoy Creek expansion “the first project in B.C. to be funded under the federal Co-operative Housing Development Program,” adding that it marks a “new future for a growing co-op housing sector in the province.”
The Hoy Creek project was announced as part of a series of federal initiatives on National Housing Day, a time the government uses to highlight the importance of collaboration between municipal, provincial, and federal partners in tackling Canada’s housing crisis.
