Trudeau announces $2B in fed loans for BC Builds program
Ottawa is kicking in an extra $2 billion in financing for the recently announced BC Builds program, Prime Minister Justin Trudeau said Tuesday.
Last week, B.C. Premier David Eby launched the initiative, which aims to build middle-class rental homes on public, non-profit, community-owned and “underused” land. The provincial government is also providing $2 billion in construction financing, and a $950 million investment for the project.
“Solving the housing crisis is a complex problem, and it won't be solved by simplistic slogans or buzzwords,” Trudeau said at a news conference in Vancouver, praising the BC Builds program as “ambitious,” “visionary” and “fundamentally practical.”
The federal money comes in the form of low-cost loans through the apartment construction loan program, and will help build “a minimum” of 8,000 to 10,000 units over the next few years, the prime minister said.
“B.C. was actually the canary in the coal mine for the problems we’re seeing across the country around housing affordability,” Trudeau said. “Home prices here started going up decades ago… inaction by successive governments of all orders, investors buying up homes meant for middle class families and old-school zoning laws didn't make communities grow in ways that kept up with Canada brought us to a tough spot here in B.C.”
Eby also announced a new BC Builds site on Tuesday—a 122-unit co-op in Yaletown on city-owned land. He said construction is expected to start in the summer. That’s in addition to the previously announced City of North Vancouver-owned site where a non-profit is developing an 18-storey tower; a site in Duncan owned by the Cowichan Tribes and a Town of Gibsons-owned site.
The province says it has identified “more than” 20 potential developments for the program on government, First Nations and non-profit-owned land.
Under BC Builds, at least 20 per cent of units are required to have rents at least 20 per cent below market rate if the development is by a non-profit or a First Nation. And all units are “targeted” to be affordable for middle-income households spending about 30 per cent of their income on rent.
In addition, BC Builds aims to slash the development timeline from a current average of three to five years to one to one-and-a-half years, according to the province.
“We need to make sure that housing is affordable so that a middle class salary is enough for people to live in the communities they love and where they work,” Trudeau continued.
“These won't be your typical tiny one-bedroom units that have been popping up across downtowns across the country. These will be units of all sizes including up to three or four bedrooms, the kinds of places where families can grow and they can call home.”
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6978503.1721990327!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
Arson attacks paralyze French high-speed rail network hours before start of Olympics
Outgoing French Prime Minister Gabriel Attal said that sabotage and arson that hit key parts of France's high speed rail network on the eve of the Olympics had 'a clear objective: blocking the high speed train network.'
Paris Olympics begin with unique opening ceremony along the Seine
The Paris Summer Olympics officially get underway today with a unique opening ceremony.
'She led it the whole way': 18-year-old B.C. woman leads hikers to safety in Jasper National Park
As fire threatened people in Jasper National Park, Colleen Knull sprung into action.
Latest updates on wildfires in Jasper National Park: Rain, cooler weather limiting spread
Cool and wet weather is making a difference in Jasper National Park.
Canadian Olympic Committee CEO says soccer coach Bev Priestman likely aware of spying
Canadian Olympic Committee chief executive officer David Shoemaker says the head coach of the national women's soccer team was likely aware drones were used to spy on an opposing country's practices in France.
Search for missing vulnerable 3-year-old child in Mississauga, Ont. continues
Police say the search for a vulnerable child who went missing in Mississauga, Ont. Thursday evening continues. Three-year-old Zaid, who is described as possibly non-verbal, was last seen at 6:20 p.m. in Mississauga’s Erindale Park, near Dundas Street West and Mississauga Road. He was not wearing shoes or socks at the time.
Flyers, price-matching, local stores: How Canadians' grocery habits have changed
Whether they’re shopping at multiple stores, flipping through flyers or seeking out independent grocers, many Canadians say they have changed their grocery shopping habits in recent years as a response to high inflation and, for some, growing distrust of large chains.
opinion 'Deadpool and Wolverine' review: A love letter to a bygone era
'Deadpool and Wolverine' is a showcase for the bromance stylings of its stars, who pull out all the stops to cap Fox's Marvel movies.
Stay inside, filter indoor air amid wildfire smoke, respirologist says
A Calgary respirologist is advising people to regularly check the outdoor air quality and stay inside as smoke from the Jasper wildfires blows into other parts of Alberta and possibly beyond.