The governments of Canada and British Columbia signed an agreement Tuesday that will provide more than $990 million for affordable housing in the province.

As part of the National Housing Strategy, the bilateral agreement will be cost-shared by the two governments and over the next 10 years aims to protect, renew and expand social and community housing; and support the priorities related to housing repair, construction, and affordability in Homes for BC, the provincial government's 30 point plan for housing affordability in British Columbia.

“The federal government, in partnership with British Columbia and other provinces and territories, is working towards a 15% expansion in new affordable housing units and renewing 20% of existing community housing units across the country,” said Jean-Yves Duclos, the minister responsible for the CMHC.

The governments will also work together to create a new Canada Housing Benefit for the province.

"This agreement will help more British Columbians find homes they can afford. The new investment from the federal government will build on the $7 billion investment that the Province is making as part of our 30-point housing plan,” said Selina Robinson, Minister of Municipal Affairs and Housing.

The agreement begins on April 1, 2019.

 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


More market watch: