Trudeau boosts B.C.’s housing plan with $2 billion in federal financing

Trudeau boosts B.C.'s housing plan with $2 billion in federal financing
Prime Minister Justin Trudeau speaks at a housing announcement in Guelph, Ontario on Friday January 12, 2024. Trudeau is in Vancouver today, set to make a housing-related announcement alongside Premier David Eby and Mayor Ken Sim.

Prime Minister Justin Trudeau says the federal government will be adding another $2 billion in financing to British Columbia’s plan to build more middle-income rental housing.

Trudeau calls the provincial housing plan, known as BC Builds, “ambitious and fundamentally practical” and says the additional federal financing will help create another 8,000 to 10,000 new homes

The money comes on top of $2 billion in low-cost provincial financing to fast-track affordable rental developments on government-, community- and non-profit-owned and underused land

The province is also committing $950 million to build rental homes under the program.

B.C. Premier David Eby says the additional federal funding will be “transformational.”

After the announcement, Trudeau is scheduled to visit a high school and meet students before an event at a community centre with seniors in the afternoon.

Trudeau’s announcement comes as provincial policymakers return to the legislature for the throne speech to begin the spring legislative session.

The premier has said the upcoming session will see his government table 20 pieces of new legislation and a budget focused on helping families facing the high cost of living.

The provincial government passed legislation last fall to restrict short-term rentals and build more housing around public transit areas, and housing is expected to be a major focus again this spring.

This report by The Canadian Press was first published Feb. 20, 2024. 

The Canadian PressThe Canadian Press

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