Trudeau lauds province’s move to help alleviate rental crisis
The federal government has pledged to amplify its support for British Columbia’s housing initiatives, with Prime Minister Justin Trudeau hailing the move as “transformative.”
During his visit to Vancouver on Tuesday, Trudeau unveiled a doubling of financing for the province’s BC Builds initiative, injecting an additional $2 billion into the project. According to The Canadian Press, the initiative’s aim is to expedite the construction of middle-income rental housing.
Describing the plan as “ambitious and fundamentally practical,” Trudeau said the increased federal funding would facilitate the creation of a minimum of 8,000 to 10,000 new homes, emphasizing the diversification of homes that would be made available. “These will be units of all sizes, including up to three or four bedrooms, the kind of places where families can grow and they can call home,” the Prime Minister said.
According to the report, the federal contribution supplements the existing $2 billion in provincial funding, allocated for low-cost financing targeted at developers to accelerate the construction of affordable rental housing on underutilized land, government-owned properties, or community-owned spaces. Additionally, British Columbia has earmarked $950 million to ensure that units are available at rates below the market average.
More homes for the middle class
Under the BC Builds program, 20 potential construction sites have been identified, with housing availability determined based on community-specific income levels, aiming to serve the middle class effectively.
Trudeau commended British Columbia’s proactive approach, acknowledging the province’s role as a precursor to nationwide housing challenges. He highlighted the historical rise in housing prices as well as the need for tangible solutions like the BC Builds initiative, which prioritizes housing for residents over investment opportunities.
“I am hoping that other provinces take careful note of the leadership that you’ve shown,” he said.
BC Premier David Eby echoed the Prime Minister’s sentiments, expressing gratitude for the federal support and stressing the program’s transformative potential for families in need of housing. “They can afford housing, they just need it to be available. This money will make it available for them,” said Premier Eby.
Eby also unveiled plans for a new cooperative housing development in Vancouver’s Yaletown neighbourhood, signalling the program’s progress.
The BC Builds program is poised to leverage lower government borrowing rates to offer financing and grants, aiming to expedite project completion within 12 to 18 months. Renters will undergo income testing upon occupancy to ensure affordability, with the goal of limiting rent expenses to 30% of their income.
Prime Minister Trudeau’s visit also included interactions with students and seniors, where he discussed topics ranging from personal inspirations to federal healthcare initiatives. The day concluded with a keynote address at the 99th Osler Dinner, where the Prime Minister emphasized the collaborative efforts between federal and provincial governments in addressing critical issues like healthcare and housing.
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