Feds, Baydo Invest $157M in Two-Tower Burnaby Apartment Project

Feds, Baydo Invest $157M in Two-Tower Burnaby Apartment Project
News| March 5, 2026| Monte Stewart
Canada + Apartment Buildings

The federal government and Baydo Group are investing about $157 million to build a two-tower rental apartment project with 388 homes in Burnaby, B.C.

The development, known as Baydo Apartments, will rise at 6616 and 6630 Telford Avenue located in the city’s Metrotown area and provide purpose-built rental housing for families, seniors and individuals. The project will include two towers offering a mix of amenities designed to support active lifestyles, community engagement and urban living. Construction is expected to be completed in 2027.

The funding package includes $115.1 million from the federal government through the Apartment Construction Loan Program and $41.9 million from Baydo Group.

“We are making the critical investments to build more homes in B.C..” said Gregor Robertson, the minister of housing and infrastructure. “With the recently announced Build Canada Homes partnership with B.C., we will be delivering on hundreds of affordable homes across the province.”

Yufeng Wang, Saskatoon-based Baydo’s owner and founder, said the project fits the company’s vision of providing homes for everyone by focusing on building purpose-built rentals, places that families can call home.

“With nine buildings under construction in the Lower Mainland and 1,300 units in development in Metrotown, we’re proud to be playing an integral role in enhancing Burnaby’s local economy and helping to solve the housing crisis,” he added.

Officials also highlighted Burnaby’s progress under the federal Housing Accelerator Fund, noting the city has exceeded housing unit targets and improved development approval processes. As part of the program, Burnaby received its third payment of $10.8 million.

The Apartment Construction Loan Program is part of Canada’s National Housing Strategy and provides low-cost, repayable financing to encourage the construction of rental housing for middle-class Canadians. As of September 2025, Canada Mortgage and Housing Corporation had committed about 28.2 billion through the program to support more than 71,400 rental homes nationwide.

Rendering: Baydo

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