On September 19, the provincial government announced that $500 million would be invested in affordable rental housing in BC, which would create 2,900 affordable rental units across BC.
The money for this initiative is available through the new Housing Priority Initiatives program, which is largely funded by the windfall of revenue from the 15 per cent Property Transfer Tax levied on foreign homebuyers in the Greater Vancouver Regional District.
The units will include a mix of options, including new construction, to meet the needs of a wide variety of people all over BC. The provincial government has committed to identifying and approving all of the projects by March 2017, with new construction being complete within 36 months.
BCREA is pleased with this initiative. Although the Association doesn't agree with all of the government's actions during the last few months regarding the real estate sector, these rental units will have a meaningful impact for many citizens. In a letter addressed to Premier Christy Clark, BCREA urged the government to take quick action and offered the assistance of REALTORS® to provide insight as the program is implemented.