The Federal Government is investing $2 billion into the BC Builds initiative, which the province says will help build thousands more homes in BC.
“All levels of government need to work together to solve the housing crisis,” said Premier David Eby.
“With the federal government’s contribution and partnerships towards BC Builds, we can help build more homes people can actually afford. That’s good news for our economy and for our future, but most importantly it’s good news for British Columbians looking for a decent place to live.”
According to the province, the BC Builds initiative leverage government, community and non-profit owned and under-used land to speed up the delivery of housing and help bring costs more in line with what middle-income households earn.
“Canada needs more homes that the middle class can afford. That’s what today’s historic partnership with British Columbia is all about,” said Prime Minister Justin Trudeau.
“Our investment, through the BC Builds Program, will use public land to create more affordable housing, bring down the cost of construction and ensure that we build more homes faster so that Canadians – from teachers, to nurses, to construction workers – can afford to stay in the communities where they work.”
In addition to the $2 billion from the federal government, the provincial government has invested $950 million to ensure units are available at below-market rates, as well as $2 billion in provincial low-cost construction financing.
The province has established 20 initial sites through partnerships with local governments, First Nations and non-profit organizations to support the development of housing for middle-income households throughout the province.
The province is estimating between 8,000 and 10,000 homes will be built over the first five years of the program.