New spending and a 'refreshed' housing strategy on the horizon for B.C.
As part of its deficit budget, the B.C. government is plugging $4.2 billion into operating and capital funding for its housing strategy over the next three years – but the full details aren’t yet available.
The province says a “refreshed” housing plan will be unveiled in the coming months to address what it describes as new pressures in the housing market.
In line with Premier David Eby’s promise to ease the way for more housing developments, the budget includes money to help reduce rezoning restrictions and build more multi-unit homes. It also announces a new pilot project with financing incentives to encourage homeowners to install secondary suites.
The spending priorities include new homes for renters, middle-income earners and Indigenous people, with $575 million specifically earmarked toward the construction of new student housing in the Lower Mainland, southern Vancouver Island and the Thompson Okanagan.
The plan will include $394 million for developments near transit hubs, while $640 million over three years will build and operate more supportive housing for the homeless. Another $266 million will go towards building and operating additional complex care and supportive housing with enhanced health, mental-health and substance-use services.
After successful pilot projects in recent years, $44 million will go towards modular and supportive housing over three years, while another $109 million will expand shelters and low-income assistance programs, including the Shelter Aid for Elderly Rentals. In the next ten years, $230 million in operating and capital funding will “help revitalize and expand BC Housing’s aging rental stock.”
A new property transfer tax incentive is intended to encourage the construction of purpose-built rentals of at least four units, exempting developers from the further two per cent property transfer tax on residential buildings over $3 million.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6945492.1719603661!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
Unknown First World War soldier who died in battle in France to be honoured in Newfoundland and Labrador
Millions are celebrating Canada’s 157th birthday this year -- as they do every year -- with fireworks, food and family. In Newfoundland, it is a day of mourning for one of the bloodiest battles of the First World War.
BREAKING U.S. Supreme Court in Trump ruling declares ex-presidents have immunity for official acts
A divided U.S. Supreme Court threw out a judicial decision rejecting Donald Trump's bid to shield himself from federal criminal charges involving his efforts to overturn his 2020 election loss in a major ruling on Monday involving the scope of presidential immunity from prosecution.
Eight 'tow truck-related' shootings in Toronto, no injuries reported: police
Toronto police are looking for a stolen vehicle in connection with at least eight separate shootings in the city over the weekend.
In his own words: Prime Minister Justin Trudeau's message on Canada Day
Prime Minister Justin Trudeau has released a video message to Canadians on Canada Day. Here's what he had to say, in his own words.
Deal reached in WestJet mechanics' strike, but travel disruptions still expected
WestJet has reached a deal with its mechanics to end a strike that had disrupted the travel plans of tens of thousands of travellers over the Canada Day long weekend.
You might live to be 100 years old. But will you be able to afford it?
Retirement has historically lasted about two decades, but for some Canadians it is now extending to twice that amount of time as more live well into their 90s and beyond. That's making some rethink their investments, savings, expenses and when to retire.
Hurricane Beryl takes aim at southeastern Caribbean as a powerful Category 4 storm
Hurricane Beryl began pounding the southeast Caribbean on Monday as a powerful Category 4 storm after becoming the earliest storm of that strength to form in the Atlantic, fuelled by record warm waters.
Military horses bolt through London in scene reminiscent of runaway stampede in April
Three runaway horses bolted through the streets of central London Monday after one was spooked by a bus and two others tossed their riders, the Army said.
Cup Noodles wants to rethink the way you eat ramen with new s'mores flavour
Ramen isn't the first food to come to mind when you think of sweet treats. Cup Noodles is trying to change that — with a new s’mores-flavoured instant ramen.