National Housing Strategy Aligns With BCREA Positions
On November 22, the federal government released its new National Housing Strategy.
The strategy commits $40 billion over ten years through federal funding, provincial and territorial grant matching and low-interest loans.
Several commitments relate to BCREA’s housing affordability recommendations:
- Increasing supply: Up to 100,000 new housing units will be created, and up to 300,000 existing housing units will be repaired and renewed.
- Promoting density and local government best practices: Provincial, territorial and local governments will be encouraged to adopt inclusionary zoning provisions, accelerated municipal approval processes and waiving of development charges and fees.
- Consumer assistance: The strategy promises $500 million to subsidize rental costs for low-income renters and $4 billion in direct assistance to families and individuals. It also commits to exploring ways to make mortgage loan insurance more widely available.
- Evidence-based policy decisions: The strategy promises $241 million to enhance housing research, data and demonstrations.
The strategy also includes measures to improve energy efficiency in existing homes. A new National Housing Co-Investment Fund will, in part, fund repairs and retrofits to reduce energy use and greenhouse gas emissions in existing homes by 25 per cent, relative to past performance.
Much of this strategy will not be implemented until the 2018 Budget. Provincial and territorial governments also have a large role to play, and they will receive more details on implementing the strategy in the coming weeks.
BCREA welcomes these commitments, and will continue to closely monitor new developments.