BC Builds To Deliver Additional Lower-Cost, Middle-Income Rental Homes Faster

The Province has launched a new initiative to lower construction costs, speed up timelines, and deliver more homes geared toward middle-income people.

“Anyone looking for a place to live knows how hard it is – even if you make a decent salary there are not enough rental homes people can afford,” said Premier David Eby.

“The private sector alone has not been able to deliver the homes middle-class people in B.C. need. That’s why we’re taking action through BC Builds to deliver lower-cost middle-income homes, faster, so the people who keep our communities working – like teachers, nurses, and construction workers – can find homes they can afford in the communities they love.”

BC Builds leverages government, community, and non-profit owned and underused land with $2 billion in low-cost financing and a commitment of $950 million for the overall program.

The program is designed to deliver through challenging market conditions to bring down building costs, get more projects started, and build more homes that fit into middle-income budgets.

The program will focus on rental housing first with rents reflecting local conditions and determined on a community-by-community basis. The province says that means more households will find below-market rent and spend less than 30% of their income on rent.

BC Builds works in partnership with non-profits, local governments, First Nations, and the development sector to identify available underused land, provide financing and funding, and deliver projects that create more homes and help bring costs more in line with what middle-income households earn.

BC Builds is part of a $19-billion housing investment by the B.C. government.

Since 2017, the Province says nearly 78,000 homes have been delivered or are underway throughout B.C.

To learn more, visit Government of British Columbia.