BC housing supply to get another 1,500 new low-cost units

Thursday, August 8th, 2019

BC government and CMHC outline 5 year investment for affordable housing

Ephraim Vecina
Mortgage Broker News

The BC government, along with Canada Mortgage and Housing Corporation, announced a $75-million investment in the construction of over a thousand affordable housing units across the province.

The memorandum of intent signed by BC Housing and CMHC outlines the five-year federal investment that will go towards building 1,000 new units planned under the province’s Supportive Housing Fund, and 500 new units planned under the Women’s Transition Housing Fund.

“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.

Spencer Chandra Herbert, MLA for Vancouver-West End, welcomed the announcement as a much-needed boost to the province’s supply.

The investment will “help us ensure that more British Columbians in need find safe and secure homes,” Herbert stated.

“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.”

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