Federal $165M loan backs 342 rental homes at Port Moody’s Inlet District

Wesgroup has secured more than $165 million in low-cost federal financing to build 342 rental homes at its Inlet District development in Port Moody, including 86 below-market units.

The funding was announced Aug. 28 at the 15-acre construction site north of Inlet Centre SkyTrain Station. It comes through the Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program. Wesgroup development director Kaylen Blomkamp said the financing will help the company proceed amid difficult rental-construction conditions.

The loan advances a rental component that had remained uncertain within a project expected to add more than 5,500 residents to Port Moody, making it the largest development in the city’s history.

Council approved the Coronation Park redevelopment in 2023 with six towers from 26 to 31 storeys, about 2,600 homes and 100,000 square feet of commercial space. Only 101 homes were then planned as rentals, with none below market. Wesgroup later offered to explore additional affordable housing in exchange for greater density.

In May 2025, the developer sought another tower and increased heights for three others, saying extra development was needed to offset about $30 million in unexpected Metro Vancouver development cost charges and make a purpose-built rental building viable. It proposed making an Ioco Road tower entirely rental, with one-quarter of units below market. Council unanimously provided a support letter for CMHC affordability goals and later approved an amendment converting an office building to rental housing.

Mayor Meghan Lahti called the funding excellent news, citing housing needs for young people, families, seniors and essential workers. The federal government said the master-planned community, formerly Coronation Park, is expected eventually to include more than 2,500 homes, commercial space, a daycare and grocery store.

Wesgroup is contributing $19.29 million in land and cash equity. The repayable, low-interest program supports purpose-built rental construction; by March, CMHC had committed $30.82 billion toward more than 78,200 rental homes across Canada. Port Moody–Coquitlam MP Zoe Royer said the funding will help workers and families remain in the community.