For Dutch investors

A fixed 6% coupon,secured by Canadianrental homes.

Canada Woonfonds connects Dutch capital to a structural shortage of rental housing in Metro Vancouver. You invest in a bond with a fixed coupon plus additional interest at exit, secured by a tangible, transit-oriented real-estate project.

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Fixed annual coupon

13.6%

Projected total return (realistic scenario)

~160

Rental units in Metro Vancouver

CMHC

Government-insured financing

The invitation

A direct bridge between Dutch capital and Canadian housing.

This offering is intended for Dutch investors seeking a tangible, secured alternative outside the Dutch market. No market volatility, no paper returns: a fixed coupon, a clear structure, and additional interest when the real estate is sold.

The opportunity

Canada is building a nation of renters.

Canada faces a structural housing shortage. An estimated 3.5 million additional homes are needed by 2030.

Home ownership is declining, immigration is at record highs, and stricter mortgage rules lock millions of working households out of buying. The result is a permanently expanding rental market and a chronic shortage of quality rental housing.

Portal is designed to sit exactly at that intersection of demand and supply.

3.5M

Additional homes needed in Canada by 2030

CMHC

~85%

Of all new apartment construction is CMHC-insured

$13B

Build Canada Homes: a mandate for 500,000 homes

Bill 44 & 47

British Columbia mandates higher density near public transit

The market

Why this shortage will not resolve itself.

Twelve steps through the numbers behind this offering: where the housing shortage comes from, who is already putting capital into it, and where Portal sits.

01/12

Market context

The shortage is structural, not cyclical.

Canada has been building too little for years. This is not a dip that corrects itself, but a standing gap between population growth and construction output.

Where the gap comes from
The population is growing faster than housing is built. Immigration and household formation have outrun construction for years.
Government is intervening
Federal and municipal governments acknowledge the imbalance and are financing rental housing themselves to close it.
Build Canada Homes
Prime Minister Carney founded the programme with $13 billion in federal money.
What investors are doing
Brookfield, Desjardins and others now treat rental housing as national infrastructure.

Capital flows

Large investors are already buying the rental stock.

If you want to know whether a market holds up, look at who is entering it. Through 2024 and 2025 Canada's biggest investors bought rental buildings steadily.

01
CAPREIT
Closed six properties at once in December 2025, $292.5 million together. Earlier that year, 30 suites in West Vancouver and buildings in Regina among others.
02
Starlight and CIBC Asset Management
Launched a vehicle targeting $750 million in apartment acquisitions, concentrated on Toronto, Vancouver and Calgary.
03
Equiton
Acquired a 117-unit building in Burnaby in August 2025, after earlier purchases in Edmonton and Toronto.
04
Brookfield
Building a rental tower at 810 Agnes Street in New Westminster, on a site previously slated for 29 storeys of condominiums.

The supply gap

Canada starts 259,000 homes a year. It needs 480,000.

Even in a record year, output falls far short of what restoring affordability requires. The difference compounds annually.

3.5M: Additional homes needed by 2030; What CMHC estimates it takes to restore affordability.
480,000: Housing starts needed per year; The upper end of what is required to keep pace with projected demand.
259,000: Actual starts in 2025; A record year, and still well below the line.
220,000: Shortfall per year; What goes unbuilt annually, and keeps accumulating while output stays flat.

The demand side

The demand comes from immigration policy, not from the market.

Canada admits 400,000 to 500,000 permanent residents a year. They rent first, and almost all of them in the same handful of cities.

Who arrives
On top of permanent residents come temporary workers and international students. Almost nobody buys immediately, so the pressure lands straight on the rental market.
Where it lands
Arrivals concentrate in the large metropolitan regions. New supply is absorbed quickly there, which keeps vacancy risk on new buildings low.

Market data

Maple Ridge is tighter than Metro Vancouver.

National vacancy and rents, set against Metro Vancouver and against the municipality where Portal stands.

	National	Metro Vancouver	Maple Ridge
Purpose-built rental vacancy	3.1%	3.7%	2.3%
Condo rental vacancy	1.3%	1.5%	2.3%
Average 2-bedroom rent	$2,305	$2,900	$2,093
Rent increase year on year	5.1%	2.2%	2.85%

Purpose-built rental vacancy
National
3.1%
Metro Vancouver
3.7%
Maple Ridge
2.3%
Condo rental vacancy
National
1.3%
Metro Vancouver
1.5%
Maple Ridge
2.3%
Average 2-bedroom rent
National
$2,305
Metro Vancouver
$2,900
Maple Ridge
$2,093
Rent increase year on year
National
5.1%
Metro Vancouver
2.2%
Maple Ridge
2.85%

Policy

The Canadian government finances rental housing itself.

For an investor that matters. You are not in a market that runs on sentiment, but in one where the state is a co-financier.

Build Canada Homes
$13 billion of federal money over five years to accelerate housing construction.
CMHC insurance
Financing of 85 to 95% of cost and amortisation up to 50 years. CMHC insures roughly three quarters of all new rental construction in Canada.
Bills 44 and 47
Since June 2024, British Columbia requires higher density near transit hubs. Portal benefited from this directly.

Local context

The municipality has calculated its own shortfall.

Maple Ridge set out its housing need in its 2024 report. Those numbers leave little room for interpretation.

28,000: Homes needed by 2044; The total new housing the city calculated for itself.
6,100: Of which specifically rental; The share the city names as rental rather than ownership.
1,900: Needed within five years; The part the city says cannot wait.

Condo against rental

A condo project sells once. A rental project earns every month.

Why Portal was converted from ownership to rental, in five lines.

	Condo development	Rental development
Revenue model	One-time sale	Recurring rental income
Depends on	Buyers who secure a mortgage	Tenants looking for a home
Rate sensitivity	High	Low to moderate
Policy support	Limited	Strong, via CMHC and Bill 47
Institutional demand	Cyclical	Growing

Revenue model
Condo development
One-time sale
Rental development
Recurring rental income
Depends on
Condo development
Buyers who secure a mortgage
Rental development
Tenants looking for a home
Rate sensitivity
Condo development
High
Rental development
Low to moderate
Policy support
Condo development
Limited
Rental development
Strong, via CMHC and Bill 47
Institutional demand
Condo development
Cyclical
Rental development
Growing

How it got here

From 36 condominiums to some 160 rental homes.

Portal was not conceived as a rental project. It became one when the law changed.

2023
The land
Site acquired as a fully approved condo scheme: 36 units, five storeys, wood frame.
2024
The law
Bills 44 and 47 allow higher density near transit hubs. Portal sits directly across from the station.
2025
The redesign
Rezoned to twelve storeys and roughly 160 rental homes, with commercial space at street level.
2025+
The financing
Structured for CMHC-insured financing as a stable income-producing asset.

Scale of the problem

Nearly 100,000 residents. 1,796 rental homes.

Maple Ridge's population is approaching 100,000. As of October 2025, CMHC counted just 1,796 rental units across the Maple Ridge and Pitt Meadows zone.

In the most recent reporting period, four rental units broke ground. Four, in a municipality that needs 1,900 within five years.

That is the gap Portal steps into: rental housing at institutional scale, aligned with federal policy and financed through the programmes built for it.

Where Portal sits

Four things that connect this project to everything above.

01
It sits in a transit-oriented area, exactly where the legislation asks for density.
02
Some 160 rental homes: large enough to be managed professionally.
03
It qualifies for CMHC-insured financing, with high leverage and a long amortisation.
04
It matches what the municipality says it needs, and the national shortfall behind that.

Sources: CMHC, Statistics Canada, the City of Maple Ridge 2024 housing needs report, public company disclosures. Figures are the most recent available at the time of publication and may be revised.

Why now

Box 3 is changing. Canada offers a realization-based alternative.

The Netherlands is overhauling its Box 3 tax to levy tax on unrealized gains. You will pay tax on growth you have not yet received in cash.

For capital held in Dutch real estate or savings, that creates a structural, permanent drag on net returns.

Canada taxes capital gains only on realization, not on paper, and for Dutch investors there is generally no Canadian withholding tax. A Canadian bond with a fixed coupon and additional interest on sale is therefore not only attractive on yield; fiscally it is a structurally stronger position.

Gains taxed only on realization. Generally no withholding tax.

The project

Portal: some 160 rental units, right next to the station.

WCMIF acquired the land for Portal in 2023. After Bill 44 and Bill 47, which mandate higher density near transit hubs, became law, the site was rezoned in late 2025 to twelve storeys and roughly 160 units.

Portal sits directly across from the Port Haney West Coast Express station in the heart of Maple Ridge, Metro Vancouver. The line has run since 1995 and carries about 7,200 commuters into downtown Vancouver each day.

The design adds rental apartments plus ground-floor commercial space: the coffee, food and daycare that the station still lacks. Maple Ridge's hospital is five minutes away.

Location: 11577 223rd Street, Maple Ridge, BC
Scale: ~160 rental units + ground-floor commercial space
Building: 12 storeys, concrete, approx. 124,000 sq ft
Unit mix: A family-oriented mix of one-, two- and three-bedroom homes
Financing: CMHC MLI Select
Permitting: Development permit submitted; approval expected in 2026

Security

Protection first. Then return.

A cross-border offering deserves a clear structure. Here is how your capital is secured.

Government-insured financing

The senior financing runs through CMHC MLI Select, a Canadian government-insured mortgage program that finances roughly 85% of all new apartment construction. The loan is sized to cost, not to appraised value.

Tangible collateral

You are not investing in an idea, but in land and a building owned by the fund, with the completed building expected to provide a substantial value buffer above the debt.

Government tailwinds

Bill 44, Bill 47 and Build Canada Homes ($13B) are designed to accelerate exactly this kind of housing. Portal is positioned to benefit.

Proven sponsor with skin in the game

WCMIF has its own capital invested in the project and previously delivered Beach House at Saratoga, sold out in 45 days and returning about 13% a year to investors.

Returns

A fixed coupon, plus additional interest on sale.

You receive a fixed annual coupon of 6%. On redemption you also receive additional interest, tied to the sale result of the stabilized real estate. Three scenarios.

Defensive

11.4%

total annual return

With conservative sale assumptions. The cautious floor.

Realistic

13.6%

total annual return

The base case, in line with current Metro Vancouver market values.

Optimistic

17.1%

total annual return

With a stronger sale result.

Each scenario includes the fixed 6% coupon plus additional interest at exit, linked to the outcome of the project. The full terms and scenario modelling are set out in the brochure and information memorandum.

Indicative and subject to change. Final return scenarios, terms and risks are set out in the information memorandum. Past performance is no guarantee of future results.

The team

Seasoned real-estate professionals on both sides of the ocean.

One mission: connecting Dutch capital with Canadian housing.

Ralph van der Walle

Founding Director, Canada

20+ years structuring investment funds for developments, asset acquisitions and investor relations; former Chief Compliance Officer at a BC Exempt Market Dealer. Born in the Netherlands, emigrated to Canada in 1984. Founder of WCMIF (2018).

Ryan Tam

VP Capital Markets & Development, Canada

Fifteen years across corporate banking, capital advisory and commercial real estate. Began his career at one of the world's largest financial institutions and later structured financing for real-estate projects across Canada and the U.S.

Aaryaman Sethi

Consultant, Canada · CPA, MBA

Project controller for WCMIF through the Beach House at Saratoga development; now a consultant and Trustee to the Fund. Deep experience in real-estate development, internal audit and capital markets; started at RSM. Focused on multifamily and purpose-built rental developments across BC, including CMHC-supported projects. Registered mortgage broker.

Henri Schouten

Intermediary, Netherlands

Twenty years structuring investment funds, asset acquisitions and investor relations. Founding partner of Cortese Capital, which since 2010 has structured and managed sustainable rental-housing funds in the Netherlands, with sixteen funds placed. Your point of contact in the Netherlands, and the link between Dutch investors and the team in Canada.

Proof

A team that delivers.

WCMIF is a real-estate mutual fund trust (2018) registered with the Canada Revenue Agency (CRA) that has paid monthly distributions to investors since inception.

Its first development, Beach House at Saratoga (30 oceanfront homes on Vancouver Island), sold out in a 45-day pre-sale at record per-square-foot prices.

~13%

Annual return to investors on Beach House

45 days

Fully sold out in pre-sale

2018

WCMIF operating since, with monthly distributions

The bond

The offering at a glance.

Full terms, risks and scenarios are set out in the brochure and information memorandum.

Instrument: Canadian bond
Coupon: 6% fixed per year
Additional interest: Payable on redemption; see the information memorandum
Collateral: Transit-oriented rental project (Portal)
Senior financing: CMHC MLI Select (government-insured)
Price per bond: €25,000
Minimum investment: €100,000 (4 bonds)

Q2 2026
Series A subscription opens
Q3 2026
Development permit & CMHC MLI Select application
Q1 2027
Construction start (~24-month build)
Q1 2029
Completion & lease-up
2030–2032
Redemption & additional interest; potential forward sale

Contact

Request the brochure.

Receive the full brochure and schedule a confidential conversation with our team. We are glad to walk you through the structure, the safeguards and the return scenarios in person.

Email: relatiebeheer@canadawoonfonds.nl
Phone (Canada): +1 604 235 2370
Amsterdam office: Keizersgracht 1271015 CJ Amsterdam
Chamber of Commerce (KvK): 42166111

Henri Schouten

Intermediary, Netherlands

Your point of contact in the Netherlands.

A fixed 6% coupon,secured by Canadianrental homes.

A direct bridge between Dutch capital and Canadian housing.

Canada is building a nation of renters.

Why this shortage will not resolve itself.

The shortage is structural, not cyclical.

Where the gap comes from

Government is intervening

Build Canada Homes

What investors are doing

Box 3 is changing. Canada offers a realization-based alternative.

Portal: some 160 rental units, right next to the station.

Protection first. Then return.

Government-insured financing

Tangible collateral

Government tailwinds

Proven sponsor with skin in the game

A fixed coupon, plus additional interest on sale.

Seasoned real-estate professionals on both sides of the ocean.

Ralph van der Walle

Ryan Tam

Aaryaman Sethi

Henri Schouten

A team that delivers.

The offering at a glance.

Request the brochure.

Request the brochure