October 21, 2025 | Territories of Musqueam, Squamish and Tsleil-Waututh Nations / Vancouver, BC – As part of its ongoing transformation to deliver innovative, people-focused solutions and to help expand housing options, Vancity has launched a new Multiplex Construction Mortgage designed to help British Columbians finance and build up to four-unit homes such as duplexes, triplexes, and fourplexes on eligible residential properties across the province.
With recent zoning and legislative changes enabling multiplex construction and small-scale strata titling across B.C., Vancity’s new offering comes at a pivotal time. Unlike commercial construction loans, it’s tailored for personal homeownership with no incorporation required. This new offering supports multi-generational living, aging in place, shared ownership, and small-scale development, making it easier to build gentle density and live affordably.
“This mortgage reflects what Vancity 2.0 is all about – creating modern, innovative financial solutions that help people and communities thrive,” said Wellington Holbrook, CEO of Vancity. “We’re reimagining what a credit union can do by offering products that make everyday banking better while tackling real challenges like housing affordability. Whether it’s parents aging in place while helping adult children enter the market, friends building equity as neighbours, or homeowners adding a unit to make their mortgage more affordable, this is about making homeownership more accessible in a changing world.”
Key features of the Multiplex Construction Mortgage include:
- Up to 80% financing of project costs
- 18 months of interest-only payments during construction
- Flexible terms and amortizations for each co-owner
- Rental offset options to help with qualification
The Multiplex Construction Mortgage is the latest example of Vancity’s long-standing commitment to community-based housing innovation. More than a decade ago, the credit union was among the first to finance laneway homes. Today, it remains one of the few financial institutions willing to underwrite these complex, small-scale developments.
“When we bought our 1908 character home, we saw an opportunity to preserve neighbourhood heritage while creating sustainable housing that lasts generations,” says Sylvie Kotyk, homeowner and Vancity member. “Vancity understood our vision that century-old homes can be reimagined as net-zero multiplex strata developments while keeping their neighbourhood charm intact.”
“Middle housing projects take time, and they often require stepping outside cookie-cutter financing models,” says Ryan Mckinley, Senior Mortgage Development Manager. “That’s where we come in. You don’t need to be a seasoned developer. We’re here to help residents succeed in building the kind of gentle density our cities need.”
Availability: Vancity’s Multiplex Construction Mortgage is available for developments in Metro Vancouver, the Fraser Valley, Victoria, Squamish, and Alert Bay.