The federal government is providing $2 billion in additional funds to help deliver thousands more homes for British Columbians.
As part of BC Builds, the provincial initiative announced last week that aims to deliver lower construction costs and sped-up timelines for new housing, it is anticipated at least 8,000 homes for people with middle incomes will initially be built over the first five years of the program.
The income threshold for these homes will be $84,000 for a single income and $191,000 for a household income.
“All levels of government need to work together to solve the housing crisis,” Premier David Eby said in a release.
“With the federal government’s contribution and partnership toward 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.”
The B.C. government has already earmarked $950 million for BC Builds, which it says is to ensure units are available at below-market rates.
“Canada needs more homes that the middle class can afford. That’s what today’s historic partnership with British Columbia is all about,” Prime Minister Justin Trudeau said in Vancouver on Tuesday.
“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.”
BC Builds has established 20 initial sites through partnerships with local governments, First Nations and non-profit organizations.
It has confirmed three sites initially, comprising more than 400 housing units in the Cowichan Valley, Gibsons and North Vancouver and added a fourth on Tuesday in Vancouver, located at 560 Davie St. and 1210 Seymour St.
“Middle-income earners are the economic engine of our city. It’s beneficial to all Vancouverites that they have a place to call home in the city where they work,” Vancouver Mayor Ken Sim said.
“The $2 billion of additional funding from the federal government will allow more affordable homes in our city to be built faster and signals that through the partnership of all levels of government, we can tackle the housing crisis.”