Canada’s new government is building more homes in British Columbia
Far too many Canadians are struggling to find homes they can afford. Solving Canada’s housing crisis requires immediate action to bring down costs, cut red tape, and build homes more quickly. The Government of Canada has stepped up with a bold new approach to increase the supply of housing in Canada, and launched Build Canada Homes, a new federal agency that is building affordable housing at scale, while catalyzing a more productive homebuilding industry.
In February, Build Canada Homes, in partnership with the Province of British Columbia, through BC Housing, committed to building a minimum of 700 shovel-ready supportive and transitional homes set to begin construction within the following 12 months. Through this partnership, the governments will also explore delivering at least 400 affordable rental homes. Together, this represents 1,100 homes under this new partnership.
This announcement marks the first phase of a shared commitment between Canada and British Columbia to build more affordable housing, more quickly, leverage public lands, deploy flexible financial tools, and use modern methods of construction to accelerate the construction of thousands of homes for people who need it most.
Through this partnership, Build Canada Homes will contribute $170 million in capital costs, and the Province, through BC Housing, will contribute $640 million covering both capital and operating costs.
Build Canada Homes is increasing the supply of affordable housing, scaling up construction, and modernizing one of Canada’s most significant industries. By prioritizing projects and partnerships that invest in using sustainable Canadian materials, strengthening Canadian supply chains, and creating good jobs at every step of the homebuilding process, Build Canada Homes is championing the federal government’s Buy Canadian strategy – helping to build more homes and a stronger Canadian economy at the same time.
That’s how we Build Canada Strong.
For more information, see this news release.
