More federal money for housing is making a real difference in British Columbia
SURREY, BC, June 27, 2018 /CNW/ - The Government of Canada is committed to ensuring that all Canadians have a safe and affordable place to call home. Building on the positive steps taken in Budget 2016, last fall the Government of Canada announced the first ever National Housing Strategy (NHS).
The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), today announced that the federal government has invested more than $300 million in funding and subsidies on affordable housing projects since 2016. This is in addition to the $250 million invested through the Social Housing Agreement with British Columbia over the last two years.
Building on these investments, the NHS, launched in November 2017, will provide long-term funding that will strengthen the middle class, fuel our economy and give more Canadians across the country a safe and adequate place to call home. This is the largest and most ambitious federal housing program in Canadian history.
Since 2016, the Government of Canada's investments in housing have benefitted more than 70 000 families in British Columbia. We have also been working with many partners, including the province of British Columbia, municipalities, First Nations, the community housing, non-profit and co-operative sectors, as well as the private sector to make a meaningful difference in the lives of Canadians.
"The federal government is committed to helping the residents of British Columbia find a safe and affordable place to call home. The historic investments we have made across the country are having a lasting impact. These investments mean that tens of thousands of families across this province have the security in knowing that they have a safe place to go to sleep at night." – The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation
- The NHS is a 10-year, $40 billion plan that will create 100,000 new housing units and lift 530,000 families out of housing need.
- The governments of Canada and British Columbia announced yesterday a $990 million, 10-year agreement to protect, renew and expand social and community housing, and support British Columbia's priorities related to housing repair, construction, and affordability.
- From 2018 to 2028, more than $705 million in federal funding will be provided for social housing under the Social Housing Agreement (SHA) with British Columbia. From 2018/19 to 2027/28, combined investments under this NHS bilateral agreement and the SHA with British Columbia will preserve more than 34,000 units of social housing.
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, please visit cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.
To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
SOURCE Canada Mortgage and Housing Corporation