Mark Carney and David Eby appeared in Vancouver on the day of a FIFA World Cup match to announce a $3.2 billion housing infrastructure agreement. Gregor Robertson introduced Carney in the River District as the prime minister called the event “landmark.”
Carney said Canada and British Columbia will each provide $1.6 billion over the next decade, bringing the total to $3.2 billion. He also said Build Canada Homes had achieved royal assent and described it as “a new federal agency that will build affordable housing at scale.”
River District announcement
Carney said, “Canada and British Columbia have reached a landmark new agreement.” Under it, development charges on multi-unit housing projects across British Columbia will be reduced by up to 50 per cent for the next three years. He added, “It’s not just what we build, but how we build.”
The governments also said they will collaborate to convert thousands of vacant condo homes into affordable homes by fall. Carney said, “There’s too many completed condos sitting empty,” even as he said rent is decreasing and that some promising signs show housing conditions are changing.
Canada Public Transit Fund
The plan also reaches beyond housing sites. Canada said it will provide $50 million for community infrastructure projects, while the Canada Public Transit Fund includes $2.5 billion for transit projects. The Surrey-Langley SkyTrain extension was named as one project supported by that funding.
Tumbler Ridge work
Canada and British Columbia each said they will provide $100 million to build a new school and a modernized health-care centre for Tumbler Ridge. Construction in Tumbler Ridge is expected to begin this summer, after the existing school is removed first.
For Vancouver, the immediate effect is a mix of lower upfront charges on multi-unit projects, a pipeline for conversion of vacant condos, and federal money tied to transit and community infrastructure. The unresolved question is which specific housing and infrastructure projects will receive the $3.2 billion and how the money will be distributed.
