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Monday, July 22, 2024

Liberals to give low-cost loans for new B.C. rental housing program

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The Trudeau Liberals plan to announce a partnership with British Columbia Premier David Eby on the BC Builds program, which aims to construct rental housing for middle-income earners. The federal government will provide low-cost loans, similar to other housing loan programs, to facilitate the construction of approximately 4,000 units by 2026.

The B.C. provincial government has committed nearly $3 billion to fund the program, with hopes of federal assistance to further expand it. The fast-paced construction timeline proposed by Eby is appealing to Ottawa, as addressing housing affordability has become a top concern for Canadians, impacting political standings. If other provinces adopt similar initiatives, the federal government is willing to extend similar deals for access to federal loans or funding.

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