Trudeau boosts B.C.'s housing plan with $2 billion in federal financing

Photo: The Canadian Press

Prime Minister Justin Trudeau speaks at a housing announcement in Guelph, Ontario on Friday January 12, 2024. Trudeau is in Vancouver today, set to make a housing-related announcement alongside Premier David Eby and Mayor Ken Sim. THE CANADIAN PRESS/Frank Gunn

UPDATE 11:20 a.m.

Prime Minister Justin Trudeau says the federal government will be adding another $2 billion in financing to British Columbia's plan to build more middle-income rental housing.

Trudeau calls the provincial housing plan, known as BC Builds, "ambitious and fundamentally practical" and says the additional federal financing will help create another 8,000 to 10,000 new homes

The money comes on top of $2 billion in low-cost provincial financing to fast-track affordable rental developments on government-, community- and non-profit-owned and underused land

The province is also committing $950 million to build rental homes under the program.

B.C. Premier David Eby says the additional federal funding will be "transformational."

After the announcement, Trudeau is scheduled to visit a high school and meet students before an event at a community centre with seniors in the afternoon.

Trudeau's announcement comes as provincial policymakers return to the legislature for the throne speech to begin the spring legislative session.

The premier has said the upcoming session will see his government table 20 pieces of new legislation and a budget focused on helping families facing the high cost of living.

The provincial government passed legislation last fall to restrict short-term rentals and build more housing around public transit areas, and housing is expected to be a major focus again this spring.

ORIGINAL 5:35 a.m.

Prime Minister Justin Trudeau is in Vancouver today, set to make a housing-related announcement alongside Premier David Eby and Mayor Ken Sim.

Trudeau's public itinerary says he'll make the announcement this morning, and then head to a local high school to meet with students before an event at a community centre with seniors in the afternoon.

Eby said last week at a housing-related news conference he recently spoke with Trudeau about B.C.'s housing initiatives and there appeared to be federal interest in what the province was planning.

Trudeau's announcement today comes as provincial policymakers return to the Legislature for the throne speech to kickoff the spring legislative session.

The premier says the upcoming session will see his government table 20 pieces of new legislation and a budget focusing on helping families facing the high cost of living.

The provincial government passed legislation last fall to restrict short-term rentals and build more housing around public transit areas, and housing is expected to be a major focus again this spring.