B.C. government to spend half billion dollars on 2,900 rental housing units
BURNABY, B.C. — A new tax on foreign buyers and a windfall budget surplus are funding more rental housing in B.C., says Premier Christy Clark.
The province announced Monday that $500 million will be used to create 2,900 rental units in a partnership with non-profit groups, local governments, community agencies and the private sector.
“Now is the time, as home ownership gets more and more expensive, as the dream of even renting a home finds its way out of the reach of so many people, this is the time to make these investments so that we can support putting British Columbians first when it comes to housing,” she said.
Earlier this year, the government implemented a 15 per cent tax on properties purchased by foreign buyers and that money will go towards the new rental stock, Clark said. The rest will come from the province’s larger-than-anticipated budget revenues.