The federal government unveiled its 2024 budget on Tuesday, and it includes a major page torn out of B.C.’s housing policy book.
The federal government has earmarked $8.5 billion for housing initiatives, with a goal of building 3.87 million homes by 2031.
One of the major planks of the new federal housing program is a new initiative dubbed “Canada Builds,” directly inspired by the B.C. government’s BC Builds program.
The program aims to use the $55-billion Apartment Construction Loan Program to partner with provinces to build more rental housing — and applicants will have to meet made-in-B.C. standards to qualify.
“To access federal financing, provinces and territories will be expected to meet the benchmarks set by BC Builds and deliver action to unlock even more homes,” the budget document states.
Benchmarks include building on government, non-profit, community-owned and vacant lands, considering access to childcare in the development process and cutting development approval timelines to 12 to 18 months.
“You see the federal government grasping at whatever it can: ‘BC Builds is polling well, let’s launch Canada Builds, B.C. just brought one of those in. Let’s do that as well,'” said Mark Lee, senior economist with the Canadian Centre for Policy Alternatives.
“What the feds can bring is spending power and public land and that was a big theme in the budget.”
The commitment to build on federal lands will unlock housing on a variety of properties, including those owned by Canada Post and the military.
Two of the six Canada Post properties being considered are in the Lower Mainland, one at 120 Charles St. in North Vancouver, and another at 45 Mary St. in Port Moody.
Ottawa is also eyeing housing on Department of National Defence land at Vernon’s Brigadier Murphy Armoury.
Premier David Eby responded to the budget Tuesday, saying if provinces like Ontario and Alberta are reluctant to partner up with Ottawa, B.C. is more than happy to take their share of the funding.
“We are prepared to accept all of the money from other provinces, we have already implemented everything the federal government wants other provinces to do,” Eby said.
The budget includes $57 billion in new spending, funded in part by new taxes targeting the wealthiest Canadians.
It does not, however, include major new taxes on Canada’s top-earning companies, prompting the BC Green Party to call for a B.C. windfall tax on the oil and gas industry.
“Last year they took home $25 billion in profits just in Canada alone,” BC Green Leader Sonia Furstenau said.
“They are spending billions trying to expand production while in a climate crisis.”
Other budget highlights for B.C. include the creation of a new Central Coast Marine Conservation Area for a portion of the Great Bear Sea, a partnership with the Wuikinuxv, Heiltsuk, Nuxalk, Kitasoo Xai’xais, Gitga’at, and Gitxaala Nations and the B.C. government.
The budget pledges $109.6 million over 11 years starting in 2025-2026 for the initiative, with $57.9 million in remaining amortization, and $10.7 million per year ongoing, for its creation and operation.
The budget provides funding for several arts and culture initiatives in B.C. It promises an unspecified package of new funding for the Vancouver Fringe Festival from a $31-billion commitment to the Department of Canadian Heritage Canada Arts Presentation Fund.
Another $1.8 million to the Indus Media Foundation in Surrey is being funded to help the completion of a short film highlighting the shared military heritage of Canadian and Indian soldiers in the First and Second World War.
And Ottawa is pledging to step in a a funding partner for a new museum and cultural centre in B.C. highlighting the histories, cultures, and contributions of Canadians of diverse South Asian heritages, as well as a new Filipino cultural centre, though has not provided details on funding or rollout.
Absent from the budget was any mention of financial help for several big-ticket infrastructures in B.C., including the Massey Tunnel replacement project, the extension of the Broadway Subway to UBC or federal help covering the costs of the beleaguered $4 billion North Shore Wastewater Pant.
There was also no increase to the National Trade Corridor Fund, which could have helped cover the costs of Highway 1 improvements.