British Columbia hatches $2-billion loan plan to boost homebuilding
BNN Bloomberg
British Columbia’s government launched a program to accelerate the construction of thousands of affordable homes, backed with a $2 billion lending commitment and $950 million in spending.
B.C. Premier David Eby said the new body will identify owners of low-cost land, bring them together with contractors and developers, then work with local governments to expedite planning approval.
The provincial government will then offer low-interest financing for new residential developments and grants to nonprofits and First Nations development corporations. The goal is to have at least a fifth of homes under the program made available for rent at rates at least 20 per cent below market, without ongoing government subsidies.
The initiative underscores the acute housing shortage in British Columbia — a problem shared across Canada and other major North American and European cities — and the growing political urgency to do something about it. British Columbia, Canada’s third most-populous province with about 5.6 million people, is expected to hold an election in October, while a national election is expected in 2025. Conservative Leader Pierre Poilievre, who’s Prime Minister Justin Trudeau’s main opponent, has built a sizable lead in polls in part due to public frustration over housing costs.
