The City of Edmonton has invested $15M into the construction of more than 500 student housing units in the city’s downtown. The project is part of a larger set of housing developments, supported by the CMHC Housing Accelerator Funding. The development projects are expected to be completed in 2027; they are required to remain student units for 10 years following completion. Rents for the units will be set each year according to affordability guidelines, varying based on the type of unit. BILD Edmonton Metro CEO Kalen Anderson explained that the current high construction costs and financing rates make building affordable housing less attractive to developers, and that the investment seeks to “[unlock] projects that otherwise might remain on the shelf.”