We’ve come a long way since the first Affordable Housing Plan for BC was released in 2017. Build More. Protect More. A New Affordable Housing Plan for BC addresses the dramatic changes we’ve seen in the affordable housing landscape, mapping out a detailed path to a brighter future where everyone has a safe, secure, and affordable home.
Build More
Housing Central’s data-driven analysis found that we will need to build 12,500 new rental homes per year over the next 10 years that are affordable to households with incomes $50,000 and under to address current and future supply challenges. Included in this total is 3,000 homes that will address the critical shortage of homes for Urban, Rural and Northern Indigenous peoples, as well as 500 supportive housing units.
Protect More
We are losing affordable homes in the private market faster than we can build them. We also have an opportunity to build on the success of the BC Rental Protection Fund, enabling non-profits and co-ops to purchase existing rentals and lock in their affordability. An additional provincial investment of $50 million annually will help to secure 2,000 new affordable homes if other partners do their part.
The existing supply of non-profit homes is aging and has decades of unfunded liabilities. A provincial investment of $186 million annually is required to bring our existing stock up to good condition.
Investment in Housing to Meet Need
The total investment in new, protected and repaired affordable housing required to address the housing crisis in British Columbia is $6.7 billion per year for the next 10 years between all levels of government and community partners. The provincial contribution for meeting these targets is $2.29 billion annually.
