British Columbia
British Columbia’s government pledged $2 billion in lending and $950 million in spending to speed up the construction of thousands of affordable houses.
B.C. Premier David Eby said the new group will locate low-cost land owners, put them together with contractors and developers, and work with local governments to speed planning clearance.
The provincial government will then provide low-interest funding for new residential developments and grants to charities and First Nations development entities. At least 20% of program residences should be rented at below-market prices without government subsidies.
The project highlights the housing crisis in British Columbia, Canada, and other major North American and European cities and the growing political necessity to address it. An October election in British Columbia, Canada’s third most populous province with 5.6 million people, and a 2025 national election are expected. Prime Minister Justin Trudeau’s major opponent, Conservative Leader Pierre Poilievre, has a large lead in polls due to popular discontent over housing costs.
The BC government stated that inflation, borrowing rates, and land costs had hindered private sector house construction.
Eby introduced BC Builds, a 400-unit housing project, at a Vancouver speech, with “thousands more units to come.” All units will be income-tested and aim for rentals no higher than 30% of a middle-income household’s incomes, with overall rents equal to or lower than market rents.
BC Builds wants to reduce concept-to-construction time to 12–18 months from 3–5 years.
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