The federal government, led by Prime Minister Trudeau, plans to offer low-cost loans in British Columbia to help build rental housing on land owned by the province. They’re teaming up with B.C. Premier David Eby for a program called BC Builds, aiming to make it easier for middle-income earners to find housing near their workplaces.
Similar to other housing loan programs by the Liberals, this initiative will provide funding for developers to build rental properties and for universities to create student housing. The B.C. government has pledged nearly $3 billion to support the program, and additional help from the federal government could allow for more housing units to be built beyond the initial estimate of 4,000 by 2026.
Eby has discussed the program with Prime Minister Trudeau, who is interested in its speedy implementation. The goal is to have 20 projects in B.C. completed within 12 to 18 months, much faster than the usual three to five years it takes for rental projects to be finished.
If other provinces adopt similar plans, the federal government may offer them similar deals for loans or funding. This push for more housing comes as many Canadians are worried about the high cost of housing, with recent polls showing it as a top concern.
