The action plan: more homes for more people, faster.
On March 3rd the government unvieled their new housing action plan outlining their intention to speed up housing production and increase supply for middle income families, and fight inflation. The plan may be dense, but the desired outcome is simple...help those who need it most.
The government says that they are focused on four major priorities:
1. Unlocking more homes faster
2. Delivering better, more affordable homes
3. Helping those with the greatest housing
4. Creating a housing market for people, not speculators
The government has set out a list of quick facts for the public:
- Budget 2023 supports the Homes for People action plan, starting with more than $4 billion over three years and a commitment to invest $12 billion over the next 10 years to deliver more homes for people, faster.
- This builds on the 2018 Homes for B.C. plan, which was the largest investment in housing affordability in B.C.’s history – $7 billion – and introduced effective tools to tackle speculation and increase the number of rentals.
- The Province is on track to deliver a projected 108,000 homes completed or under active construction by 2027-28 with tens of thousands more homes to come through other avenues.
- The Belonging in BC homelessness plan is delivered through initiatives across government and supported by investments of $1.18 billion in Budget 2023, and $633 million in Budget 2022.
- More than 100,000 people moved to B.C. in 2021, and another 150,000 people in 2022, the most in 60 years.
The full action plan comes in at 32 pages and is entitled 'Homes For People.' For those of you looking for a more in-depth look you can read the full action plan here:
Reporting on the governments announcement CBC News had the following to say:
"This crisis is touching people in every corner of our province. It's impacting quality of life in our communities and it's holding back our entire economy,'' Premier David Eby said.
"Businesses are struggling to attract workers who can't afford to live in the communities where the jobs are.''
As part of the plan, Housing Minister Ravi Kahlon said the government will introduce provincial legislation this fall to allow three to four units on a traditional single-family detached lot with additional density permitted in areas well served by transit.
"This means no more long zoning processes just to build a duplex, a triplex or a row home. Without more of these types of homes, we risk pushing more of our next generation out of this province,'' he said.
Additional legislation will be introduced this year to allow secondary suites in every community across the province. Next year, homeowners will be able to access a forgivable loan of 50 per cent of the cost of renovations, up to a maximum of $40,000 over five years, if they are willing to rent those secondary suites at below market rate for at least five years.
The pilot program is expected to be open to at least 3,000 homeowners for the first three years.
Read everything that CBC has to say here.
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