BC aims to bring 1,200 affordable rentals to Metro Vancouver areas
The BC government said it is “taking action to fix that” by building 1,200 new rental homes to help people who are having a hard time finding a home they can afford.
Through a program called BC Builds, Minister of Housing Ravi Kahlon announced the province will be delivering more middle-class homes “so the people who keep our communities working, like teachers, nurses, and construction workers, can find a place to live they can afford in the communities they love.”
These rentals will be located in the Township of Langley and Burnaby.
“By leveraging underused land and repayable loans for builders at rates better than banks, which are all paid back to government with interest, BC Builds is designed to overcome challenging market conditions and deliver lower-cost rental homes for people in communities throughout BC,” the province announced in a statement Monday.
The program also provides grants to ensure greater affordability.
The province added that it’s working with municipalities, landowners, residential builders and housing operators “to move projects from concept to construction within 12 to 18 months, compared to the current of average three to five years.”
“Through programs like BC Builds, we’ll be welcoming over 700 homes to Langley, and over 400 in Burnaby, so that the people who support our communities can afford to live in them,” said Megan Dykeman, MLA for Langley East.
Construction is already underway in the Township of Langley, which will provide 371 homes in four six-storey buildings. The rent will be known closer to when the buildings are complete (which is expected in late 2027). The province also said that at least 40 homes are planned to be “below market rates and none higher than market.”
“Developer partners have also been selected for three previously announced pre-zoned sites in the Township of Langley,” the province added.
Meanwhile, a rezoning proposal is also being processed in Burnaby.
The rental projects are part of the provincial government’s $19 billion housing investment.