policy
While none of the new policies on their own are likely to have a major impact on the housing market, the cumulative effects from the province’s latest push remain to be seen.
BC BUILDS The BC Builds initiative aims to increase housing supply by using $2 billion in low- cost financing to build housing on unused and under-used Crown lands. The program features include: 20% of all homes will have rents 20% below market rate for projects in partnerships with non-profits and First Nations, all units have a target of middle- income households spending no more than 30% of income on rent, rents will not exceed market rent for that community and will often
be below, all households will be income tested at move-in, an aim to deliver more 2-, 3-, and 4-bedroom homes, with as many as possible below market rent. The project has announced funding for a few developments already, with more on the way. Overall, this policy will likely boost the supply of affordable housing around the province though is unlikely to have an overall effect on rental rates.
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