The housing crisis has spread throughout Canada, and multiple ways have been deployed to address this problem. In this blog, we’ll be covering the efforts made by the BC provincial government as a solution to the middle housing crisis, as well as Vancouver's newly approved Jericho Land Project, which is a master plan that supports not only Vancouver's long-term plan but also the Transit-Oriented System and Environmental Sustainability of the City. Let’s get started!
BC provincial government introduced a new initiative that will cater to people with middle income, and for this to work, the government financed $2 billion with a $950 million investment from the province. So what is the plan for this initiative?
Well, the primary objective of this initiative will be made by the BCBuilds, a program that provides a range of affordable rental housing and rental subsidy programs that serve low-, moderate-, and middle-income households. Through BC Builds, this program will ensure that people with middle-income households don't need to spend more than 30% of their incomes on rent.
BC Builds has already established 20 sites through partnerships with different organizations such as governments, First Nations, and nonprofit organizations. With this in mind, it is anticipated that this project will have a minimum of 8,000 to 10,000 homes built for middle incomes, and this shall be built within the first five years of the program.
To be able to be part of this program, the household should be making at least $87,780 a year. For people who make less than that, there’s another rental program which caters to low-income people.
With the changes in the zoning bylaw that will be implemented by June 30, 2024, it's very much possible to build a lot of units that can cater to people with middle income and also provide faster delivery of permit approval and construction.
Since 2017, BC Build housing has provided nearly 78,000 homes that have been delivered throughout BC, including nearly 8,000 homes in Vancouver.
In addition to the housing crisis, Vancouver has also set a master plan to address this problem. Recently, on January 24, 2024, the Vancouver council approved the Jericho Land Development. So what is Jericho Land Development?
Jericho Land development is a master plan with an estimated cost of $1.3 billion aimed to provide approximately 13,000 new homes for around 24,000 residents, 3,000 new jobs, community amenities with 30 acres of new parks and open spaces with respect to other city plans which are the "Vancouver Plan" and "Transport 2050 and Ubx".
