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B.C. rental housing plan includes 670 below-market rental units in Metro Vancouver

The second phase of a homebuilding partnership between the province and Metro Vancouver will create up to 670 below-market rental units in four urban areas, Premier David Eby announced on Thursday.

This phase follows a memorandum of understanding signed last year by the British Columbia government and Metro Vancouver Housing to develop 2,000 affordable rental homes over the next decade. Premier Eby, alongside Housing Minister Ravi Kahlon, revealed the plans at a construction site for one of the new developments on Vancouver's Westside.

The new projects in Phase 2 will be located in North Vancouver, the City of Vancouver, and two sites in Coquitlam. The provincial government will provide $226 million for these projects, while Metro Vancouver will contribute land and funds valued at over $367 million.

"Our government's commitment around housing is to do everything possible to address the housing crisis," said Premier Eby. He emphasized the government's dedication to exploring every possible avenue to ensure that people can build a decent life in the province.

Eby highlighted recent government initiatives aimed at increasing affordable housing, such as imposing restrictions on short-term rentals, constructing rental units near transit lines, and using public lands for middle-income homes.

Looking ahead, Premier Eby mentioned that the government is also planning a third phase of affordable rental housing, set to start in 2028, although the specific locations have yet to be determined.

Phase 1 of the partnership, with a government investment of $158 million, includes a project in Vancouver currently under construction. This project, expected to be completed in 2025, will offer 87 affordable, market rental homes.

The Ministry of Housing notes that Metro Vancouver Housing is one of B.C.'s largest non-profit housing operators and developers. It serves about 10,000 people with more than 3,400 affordable rental homes across 49 sites.



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