BC low-cost housing initiative to supply over a thousand new units

As much as 1,500 affordable housing units will be built across British Columbia over the next five years, the provincial government announced.

BC Housing, along with Canada Mortgage and Housing Corporation, will be investing $75 million in the construction of 1,000 new units planned under the province’s Supportive Housing Fund, and 500 new units planned under the Women’s Transition Housing Fund.

The memorandum of intent signed by BC Housing and CMHC will “help us ensure that more British Columbians in need find safe and secure homes,” according to Spencer Chandra Herbert, MLA for Vancouver-West End.

“This new funding will complement the significant investments our government has been rolling out under the 10-year Homes for BC plan, including building more homes to help people experiencing homelessness and women and children leaving violence. We will continue to work with all levels of government and community partners to build homes that people need.”

The initiative represents a much-needed boost to the province’s low-cost residential supply.

“Every Canadian deserves a safe and affordable place to call home. Today’s announcement is the next step in our historic investments in British Columbia housing. 1,500 more families will be able to have a brighter future thanks to these investments,” according to the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister responsible for CMHC.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?