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B.C., federal governments sign 10-year housing deal worth nearly $1B

Real estate Consultant Canada

VANCOUVER — The British Columbia government has signed a deal with Ottawa that will see nearly a billion dollars injected into affordable housing across the province over the next decade.

The provincial and federal governments say more than $990 million will be spent on building, repairing and expanding social housing and supporting housing affordability.

A joint news release says both levels of governments will share the costs, and the agreement will be supported by funding that starts on April 1, 2019.

The deal is part of a $40-billion national housing strategy unveiled by the federal government last year, which includes funding from the provinces and territories.

Federal Social Development Minister Jean-Yves Duclos has previously said the strategy will reduce homelessness and take 500,000 Canadians out of housing that is either unaffordable or inadequate.

B.C. introduced a 30-point plan earlier this year that will spend more than $6 billion on affordable housing over the next decade.

“This agreement will help more British Columbians find homes they can afford,” B.C. Housing Minister Selina Robinson said in a news release.

Duclos said the agreement is part of the federal government’s national goal.

“The government of Canada is committed to ensuring that every Canadian has a safe and affordable place to call home,” he said in the release.

“Long-term, predictable funding for housing has been needed for more than a decade.”

The Canadian Press

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