Good news for housing in British Columbia! The Housing Minister, Ravi Kahlon, just shared exciting plans to build more homes in 10 places facing housing challenges. These areas, listed as the “naughty list,” will see a significant boost in home construction over the next five years.
Let’s break down the targets for each place:
- Abbotsford: 7,240 homes
- Delta: 3,607 homes
- Kamloops: 4,236 homes
- North Vancouver: 2,838 homes
- Oak Bay: 664 homes
- Port Moody: 1,694 homes
- Saanich: 4,610 homes
- Vancouver: 28,900 homes
- Victoria: 4,902 homes
- West Vancouver: 1,432 homes
This means a 38% increase in homes compared to what was planned before, according to the Ministry of Housing. The focus is on helping communities most affected by the housing situation.
Minister Ravi Kahlon said, “The housing crisis is causing problems for people, our economy, and the services we all need. We’re working with local governments to make sure more homes are built where they’re needed the most.”
The Housing Supply Act, introduced in May 2023, allows the province to set these targets. In addition to the number of homes, each place gets guidelines on what types of homes to build, how many should be rentals, and how many should be affordable.
While many places support these targets, some are asking for more help from the province. Delta Mayor George Harvie, in a letter to Kahlon, asked for more money, faster rezoning, and better ways to track progress.
The province plans to check in with these places every six months and provide ongoing help. They will use occupancy permits to measure progress. However, some leaders remind us to consider things like construction delays and interest rates that can affect progress.
Efforts to speed up the process of approving homes through digital methods and a $10 million investment will continue. Places know there are challenges like getting funding, dealing with high costs, and finding enough workers. But they are committed to making the approval process simpler and faster.
With this plan, B.C. aims to make a big difference in solving the housing crisis, providing more homes for those who need them. It’s a step toward a better housing situation for everyone!
Please contact Jared Gibbons, your local realtor, should you have any questions!