National

B.C. puts $2B in affordable housing loan program

Darpan News Desk The Canadian Press, 15 Apr, 2021 08:39 PM

The B.C. government says it's investing $2 billion in a low-interest loan program for builders of affordable housing.

Housing Minister David Eby says the financing will be provided to private developers and community groups through the province's HousingHub program, a division of BC Housing.

The housing will target projects for renters and buyers with average household incomes of $75,000.

Eby says the loans will be provided at below-market rates and in return, developers will commit to passing the construction savings on to residents through more affordable rents and housing prices.

He says the loans will be repaid once construction is complete, allowing HousingHub to reinvest in more units.

Finance Minister Selina Robinson says the funding is part of Budget 2021, which will be unveiled in full next week.

"For far too long, housing in British Columbia was viewed as a commodity and a tool for building wealth, rather than a basic necessity of a home," said Robinson, who was the housing minister before taking on the finance portfolio.

"The simple truth is, affordable housing is life changing."

Prev Next

MORE National ARTICLES

Mobile homes heavy power consumers: report

The study finds a mobile home that is about the size of an average apartment uses roughly the same amount of electricity as a townhouse twice its size.

Mobile homes heavy power consumers: report

Canada investigating timing of second vaccine dose

Pfizer-BioNTech's product is supposed to be given in two doses 21 days apart, and AstraZeneca's in two doses 28 days apart.

Canada investigating timing of second vaccine dose

Speed up vaccines, Trudeau to tell provinces

Concerns have emerged, however, that the payment of up to $1,000 is being claimed by people who are quarantining because they travelled outside the country.

Speed up vaccines, Trudeau to tell provinces

Vancouver home sales surge 53.4% in December

Vancouver real estate agents sold 1,026 detached homes, a 71.3 jump from December 2019. The board says the composite home price in Vancouver ended the year at $1,047,400, up 5.4 per cent from the same time last year.

Vancouver home sales surge 53.4% in December

Powerful wind storm buffets coastal B.C

Environment Canada's weather office says gusts of up to 120 km/h are possible in northern regions before easing by noon while winds of 70 to 90 km/h are forecast to hit the south coast by midday.