BC announces $2.9B middle income housing programme

BC is launching a public housing program that aims to fast-track rental property developments on under-utilized lands throughout the province.

The province says the 2.95 billion dollar BC Builds program will provide low-cost financing to build affordable rental units for middle-income earners on government, community and non-profit owned lands.

It says it has already identified 20 sites with the potential to build up to four thousand rental units.

Premier David Eby says they are aiming for a concept-to-construction timeline of 12 to 18 months to build the housing, compared with the current three to five year average to complete rental projects.