Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
For CBC News
The provincial and federal governments have struck an agreement to put nearly $1 billion into affordable housing in B.C.
Jean-Yves Duclos, the federal minister responsible for the Canada Mortgage and Housing Corporation, made the announcement alongside B.C. Housing Minister Selina Robinson.
The deal will fund affordable housing to the tune of $990 million over 10 years with the cost shared equally between governments.
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The focus of the spending will be on protecting, renewing and expanding social and community housing, according to the ministers.
Duclos says it’s only the second deal of its kind the federal government has made with a province.
Robinson says the money will help with the pre-existing plan to build 114,000 units of affordable housing and will help address the affordability crisis in the province.