Canada’s federal government announced it is investing more than $5 billion in British Columbia’s local infrastructure, with a focus on housing, healthcare, and transit projects.
Nearly $1.6 billion will be allocated over a 10-year span to lower development charges for multi-unit housing by up to 50% in priority communities. This sum will be matched by British Columbia’s provincial government for a total of up to $3.2 billion. This initiative is designed to save to $40,000 per housing unit, and expand housing-enabling infrastructure such as water systems, wastewater systems, and local roads.
To further accelerate homebuilding in British Columbia, the federal government introduced legislation that would provide a one-time transfer of $284 million to British Columbia to reduce barriers to new construction.
The federal and provincial governments also agreed to launch the new Canada-British Columbia Partnership on Condo Conversion. This endeavor aims to convert more than 2,200 vacant condo units in priority growth areas into affordable homes.
Outside of housing, more than $600 million in federal funds will be invested over three years – matched by British Columbia for a total of up to $1.2 billion – to modernize and expand health infrastructure such as hospitals, emergency rooms, urgent care centers, and other critical health-related facilities. Up to $50 million over five years is being provided to support community infrastructure projects in coastal communities, with priority to projects in Terrace and Prince Rupert.
In a press statement, Prime Minister Mark Carney declared, “Canadians gave our government a clear mandate to build a stronger country – one where people are empowered with more opportunities, lower costs, safer communities, and homes you can afford. We’re working in partnership with the Government of British Columbia to deliver – building affordable homes, modern transit, and new community spaces all across BC. Together, we’re building a stronger British Columbia, and a stronger Canada for all.”
Photo: Dennis Sylvester Hurd / Flickr Creative Commons
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