BC to see substantial boost in housing supply

More than 800 residences are slated to be built across three major developments in the province

BC to see substantial boost in housing supply

Through the Canada Mortgage and Housing Corporation’s funding streams, the federal government has pledged a total of $349 million towards the construction of more than 800 new residences for British Columbians.

The 836 all-new homes will be spread across three projects developed by Wesgroup. These are 100 Braid Street and 268 Nelson’s Court in New Westminster, as well as 8690 Jack Uppal Street in Vancouver.

All of these developments are located in proximity to public transit, schools, and other vital services. The funding for these projects will be coursed through the CMHC’s Rental Construction Financing initiative.

Read more: How long before things heat up again in the mortgage market?

“By providing financing for these three new rental housing projects to provide over 800 new rental units for families, our government is taking action to not only increase the supply of new rental developments here in British Columbia and across Canada, but to also provide housing options that are closer to jobs, services and amenities for middle-class families,” said Adam Vaughan, parliamentary secretary to the Minister of Families, Children and Social Development.

“These developments provide quality housing accessible to a wide demographic, with great access to transit, amenities, services and jobs,” added Beau Jarvis, president of Wesgroup. “This partnership demonstrates the successful implementation of a targeted government strategy and helps to address the challenges of delivering quality housing in dense urban areas.”

LATEST NEWS