Key housing highlights from BC Budget 2025

City landscape of buildings

Today, the BC government released Budget 2025, which outlines government revenues and expenses for the upcoming fiscal year. Against a backdrop of unknown economic shifts and a very real trade war, the impacts of which are not yet entirely known, it’s heartening to see that government has not wavered from its historic commitment to invest in non-market housing supply in BC. Here are some of the main highlights and what they mean for non-profit housing in BC: 

  • Maintained level of non-profit housing delivery: Budget 2025 maintains the government’s historic levels of investments to complete 4,500 non-profit and co-op homes in the next fiscal year, with an indication that this annual commitment will be sustained through to 2028. This includes an additional commitment of $318 million over three years for BC Builds, focused on developing more homes for middle-income households. 
  • Additional funding for rent supplements: Budget 2025 provides $375 million over three years for low-income families and seniors, starting with $75 million for 2025/26. These investments are expected to nearly double the number of families benefiting from the Rental Assistance Program by increasing the income eligibility threshold from $40,000 to $60,000, as well as the average supplement from $400 to $700 per month.  Additionally, Budget 2025 will increase the income threshold for the Shelter Aid for Elderly Renters program from $33,000 to $37,240 and raise the average supplement for nearly 25,000 seniors from $261 to $337 per month. 
  • New funding for provincial homelessness response: Budget 2025 introduces $90 million over three years for community-specific supports for people experiencing homelessness, such as the Homeless Encampment Action Response Team (HEART) and Homeless Encampment Action Response Temporary Housing (HEARTH). 

BCNPHA was watching the budget for any reference to the additional 7,500 new homes committed to in the BC NDP-BC Greens Accord for this fiscal year, and it appears that government has accounted for this in existing commitments.   

Despite these highlights, we believe an opportunity was missed to stimulate the economy and promote job growth through increased investment in the community housing sector. Housing investment is a significant contributor to the province’s GDP, and building new homes is a proven method of boosting job growth and protecting affordability. 

There are options available to fund increased investments in non-market housing. For example, a reallocation of the nearly $1-billion expenditure on the annual Homeowner’s Grant to community housing could more than double the number of affordable homes funded by the province without net new spending. 

The biggest miss in Budget 2025 is the continuing failure to commit to a fully funded Urban, Rural and Northern Indigenous Housing Strategy. BCNPHA, together with our Housing Central partners, the Aboriginal Housing Management Association and the Co-operative Housing Federation of BC, urge the provincial government to commit to address this glaring omission at the earliest opportunity.