National

Feds announce funding for rental homes in BC

Darpan News Desk The Canadian Press, 17 Nov, 2023 04:24 PM

The federal government is providing more than 155-million dollars for rental homes in five B-C cities in the Okanagan and on Vancouver Island.

Statements from the Ministry of Housing, Infrastructure and Communities says nearly 88-million in fully-repayable low-interest loans is earmarked for the construction of 271 rental units in Victoria, Langford and Courtenay.

This week, we’ve unlocked loans that are going to help build nearly 12,000 apartments across the country. We’re focused on building more homes and making them more affordable for Canadians – and we’ll keep working to make progress just like this.
— Justin Trudeau (@JustinTrudeau) November 17, 2023

Another 67-million dollars in low interest loans is available for the construction of more than 200 rental homes in four projects planned for Kelowna and Penticton.

The ministry says rental construction in the country hasn't kept pace with the need and boosting the overall rental supply is crucial to creating stronger and more vibrant communities.

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