Canada and B.C. forge new partnership to accelerate homebuilding, lower costs, build new local infrastructure
Indo-Canadian Voice Canada and B.C. forge new partnership to accelerate homebuilding, lower costs, build new local infrastructure posted by: Rattan MallPRIME Minister Mark Carney on Thursday joined Premier David Eby to announce a landmark new partnership between the Government of Canada and the Government of British Columbia that will transform, connect, and modernise communities across the province. Over the next 10 years, the federal government is investing more than $5 billion in British Columbia’s local […] The post Canada and B.C. forge new partnership to accelerate homebuilding, lower costs, build new local infrastructure first appeared on Indo-Canadian Voice.Indo-Canadian Voice
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Indo-Canadian Voice Canada and B.C. forge new partnership to accelerate homebuilding, lower costs, build new local infrastructure posted by: Rattan Mall
PRIME Minister Mark Carney on Thursday joined Premier David Eby to announce a landmark new partnership between the Government of Canada and the Government of British Columbia that will transform, connect, and modernise communities across the province. Over the next 10 years, the federal government is investing more than $5 billion in British Columbia’s local infrastructure.
Through the federal government’s new Build Communities Strong Fund (BCSF), we will invest:
- Nearly $1.6 billion over 10 years – matched by British Columbia for a total of up to $3.2 billion – to lower development charges for multi-unit housing by up to 50% in priority communities, saving up to $40,000 per unit, and expand housing-enabling infrastructure such as water systems, wastewater systems, and local roads.
- More than $600 million over three years – matched by British Columbia for a total of up to $1.2 billion – to modernise and expand health infrastructure such as hospitals, emergency rooms, urgent care centres, and other critical facilities so more British Columbians can get faster health care when they need it.
- Up to $50 million over five yearsto support community infrastructure projects in coastal communities, with priority to projects in Terrace and Prince Rupert.
To further accelerate homebuilding in British Columbia, the Government of Canada has introduced legislation that would provide a one-time transfer of $284 million to British Columbia to reduce barriers to new construction.
The federal and provincial governments also agreed to launch the new Canada-British Columbia Partnership on Condo Conversion. Together, through Build Canada Homes and BC Housing, Canada and B.C. will leverage innovative financing tools to convert more than 2,200 vacant condo units in priority growth areas into affordable homes. This is one of the fastest and most efficient ways to increase housing supply – welcoming British Columbians to new, affordable homes as quickly as possible.
Through the Canada Public Transit Fund (CPTF), the federal government will invest $2.5 billion over 10 years to build new transit projects – such as the Surrey-Langley Sky Train extension project that is currently underway – and increase service access and frequency in high-traffic areas. This funding is in addition to the $852 million previously announced by the federal government to support TransLink and BC Transit.
Canada and British Columbia are also partnering to build new infrastructure for the community of Tumbler Ridge, including a new secondary school and renovations to the local health centre. The federal government and the provincial government will each provide $100 million for construction, which is expected to begin as early as this summer – starting with the removal of the existing school.
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