BC Builds will deliver thousands more homes with Canada's contribution

BC Builds, the province's new initiative to build more housing for middle-income people, will benefit from $2 billion in additional funding from the Government of Canada to help provide thousands more homes for middle-income people who live and work in BC can afford.

“All levels of government must work together to solve the housing crisis,” said Prime Minister David Eby. “With the federal government's contribution and partnership to BC Builds, we can help build more homes that people can actually afford. This is good news for our economy and for our future, but more importantly it is good news for British Columbians looking for a good place to live.”

On February 13, 2024, the Province announced BC Builds, an initiative delivered through BC Housing that uses government, community and non-profit owned and underutilized land to accelerate the delivery of housing and help bring costs more into line with that middle income families win. All BC Builds projects have a target of average income households spending no more than 30% of their income on rent.

“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, lower the cost of construction and ensure we build more homes faster so that Canadians – from teachers, nurses, to construction workers – to be able to afford to stay in the communities where they work.”

In addition to $2 billion in funding from the Government of Canada, BC Builds is supported by a $950 million investment from the Province to ensure units are available at below-market rates, as well as $2 billion in provincial construction funding at the cost of low. . The BC Builds team will help streamline approvals for projects seeking federal funding to meet BC Builds' 12-18 month concept-to-construction timeline.

BC Builds has established 20 startup sites through partnerships with local governments, First Nations and non-profit organizations to support the development of housing for moderate income families across the province.

With federal funding in place and through the initial 20 BC Builds sites, it is anticipated that a minimum of 8,000 to 10,000 homes for people with moderate incomes will be built initially during the first five years of the program. The total number of units is expected to increase as more partners and land are secured.

“Teachers, nurses, construction workers and other middle-income people need more housing options in BC, and with several BC Builds sites identified and dozens of interested partners, we're well on our way to getting the additional housing they need,” he said. Ravi Kahlon, Minister of Housing. “We are in a housing crisis that requires support from all levels of government. BC Builds will ensure that middle-income housing is built faster and more in line with what families earn.”

The province also announced the fourth site of BC Builds, owned by the City of Vancouver, located at 560 Davie St. and 1210 Seymour St. The site will include:

• A nine-story concrete building with 112 new co-op homes for middle-income families in Vancouver.
• A minimum of 20% of the units must be rented at 20% below market, with the goal of offering even more units at below market prices.
• The building will be located at the corner of Davie and Seymour streets, the last undeveloped parcel of land in Yaletown. A premium location in downtown Vancouver, the 112 new co-op homes will front Emery Barnes Park near several bus routes.
• The proposed mixed-use project will include co-op studio homes, one-, two- and three-bedroom suites and will be safe, secure and permanently affordable. The building will be designed according to “passive house” standards. which have high energy efficiency.
• Construction is expected to begin in the summer of 2024.

“With average income, they are the economic engine of our city. It's beneficial for all Vancouverites to have a place to call home in the city where they work,” said Ken Sim, Mayor of Vancouver. “An additional $2 billion in funding from the federal government will allow more affordable homes in our city to be built faster and signals that through partnership across all levels of government, we can tackle the housing crisis.”

The site is in addition to three sites announced on February 13, 2024, which include more than 400 residential units in the Cowichan Valley, Gibsons and North Vancouver.

BC Builds is part of a $19 billion housing investment by the BC government. As of 2017, the Province has approximately 78,000 homes that have been delivered or are under development across BC, including nearly 8,000 units in Vancouver.

Learn more:

To learn more about BC Builds, visit: www.bcbuildhomes.ca

To learn more about how BC Builds works, including funding and funding, visit: https://www.bcbuildshomes.ca/wp-content/uploads/2024/02/BCB-Rental-Supply-Program-Framework.pdf

To learn more about the government's new Homes for People action plan, visit: https://news.gov.bc.ca/releases/2023HOUS0019-000436

A map showing the location of all announced provincially funded housing projects in BC is available online: https://www.bchousing.org/homes-for-BC

To learn about the steps the Province is taking to address the housing crisis and provide affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/

A background follows.