B.C. unveils 670 subsidized units in latest phase of rental housing plan – Check it out now!

B.C. announces 670 subsidized units in next phase of rental housing plan

“In a move to address the housing crisis, the province of British Columbia, in collaboration with Metro Vancouver, is embarking on the second phase of a homebuilding partnership. Premier David Eby announced plans to construct up to 670 below-market rental units across four urban areas, signaling a significant step towards providing affordable housing for residents in need.

Building Hope: Phase 2 of the Partnership

The partnership, established through a memorandum of understanding last year, aims to create a total of 2,000 affordable rental homes over the next decade. With the government investing $226 million and Metro Vancouver contributing land and cash worth over $367 million, Phase 2 projects are set to take place in North Vancouver, the City of Vancouver, and two locations in Coquitlam.

Premier Eby and Housing Minister Ravi Kahlon shared the details of these housing initiatives at a construction site in Vancouver’s Westside, underscoring the importance of affordable housing in the region. This collaborative effort signifies a commitment to addressing the pressing issue of housing affordability and ensuring that all individuals have the opportunity to build a decent life in the province.

Expanding Opportunities and Access to Housing

The government’s dedication to providing affordable housing extends beyond Phase 2, with plans for a third phase of affordable rental units slated to begin in 2028. By implementing various laws, regulations, and programs, such as restrictions on short-term rentals and the strategic location of rental units near transit lines, the government is working towards increasing the supply of affordable housing and making significant strides in combating the housing crisis.

Looking Ahead: A Brighter Future for Residents

As Phase 1 continues with a government investment of $158 million, including the construction of affordable rental homes in Vancouver, the focus remains on expanding opportunities and access to housing for residents in need. Metro Vancouver Housing, one of the region’s largest non-profit housing operators and developers, serves thousands of individuals with affordable rental homes, exemplifying the ongoing efforts to address housing challenges.

In conclusion, the partnership between the province and Metro Vancouver signifies a crucial step towards providing affordable housing solutions for residents in need. By prioritizing the development of below-market rental units and committing to future phases of affordable housing, the government is working towards a more inclusive and equitable housing landscape for all British Columbians.”



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