Affordable housing coming soon to B.C.
The province has allocated nearly $58.5 million CAD for the construction.
A new 12-story building in Vancouver, the capital of British Columbia, is designed to be rented out, with some apartments reserved for those who can't pay market value. The house will be ready in 2024.
The opportunity to rent an apartment at an affordable price will be given not only to pensioners and low-income people, but also to people with average income. Half of the apartments will be rented at a price equal to 30% of the tenant's income. Not everyone can afford to rent an apartment at market price in Vancouver.
That's just part of the provincial government's 10-year plan. In total, B.C. will spend $7 billion CAD to increase housing affordability. Since 2017, the province has funded more than 32,000 affordable housing units, including nearly 7,600 in Vancouver.
