Canadian Govt. Boosts BC’s Housing Plan With Infusion of $2 Billion in Federal Financing

In a visit to Vancouver, BC, on Tuesday, Canadian Prime Minister Justin Trudeau announced that Ottawa is adding $2 billion (CAD) in financing to the province’s new BC Build initiative aimed at fast-tracking the construction of middle-income rental housing, The Canadian Press reported (2-21-24).

Trudeau called the plan “ambitious and fundamentally practical,” saying the federal funding will help create a minimum of 8,000 to 10,000 new homes, according to The Canadian Press. Trudeau said that number will increase as more land is secured, adding new units that will not be limited to one and two bedrooms. “These will units of all sizes, including three and four bedrooms, the kind of places where families can grow, and they can call home.”

The money comes on top of $2 billion in provincial funding for low-cost financing for developers to fast-track affordable rental housing on land that’s underused or owned by government, communities, or non-profit organizations. BC is also committing $950 million to ensure units are available at below-market rates.

So far, the province has identified 20 sites for possible construction, The Canadian Press reported.