BC Announces $2 Billion to Support new Homes for Middle-Income Families

EIN BC construction 400

April 23, 2021

The Province is providing an additional $2 billion in development financing through B.C.’s HousingHub to finance the construction of thousands of new homes for middle-income families.

“For too long, hard-working middle-income families have been priced out of the housing market, and the pandemic pushed prices even higher,” said Premier John Horgan. “Today, our government is levelling up middle-income housing in the province with a $2-billion borrowing program that will build thousands of safe and secure homes that families can afford for years to come.”

This additional $2 billion will allow HousingHub, a division of BC Housing, to encourage developers and community groups to build new homes for middle-income households by providing loans with lower interest rates than would be otherwise available. In return, developers commit to pass these construction-cost savings through to the tenants and prospective homeowners in the form of more affordable rents and homeownership opportunities. These loans are repaid once construction is complete, allowing HousingHub to reinvest in additional housing, continuing to increase the number of homes built for middle-income households over the 10-year lifespan of the program.

“It’s not enough for governments to simply be empathetic about the problems in our housing market faced by the people who make our province run. We need to take real action, which is what today’s announcement represents,” said David Eby, Attorney General and Minister Responsible for Housing. “Two billion dollars in a rotating line of credit that builds affordable housing across this province will be transformative. Demand for specific projects from builders already exists for the full first round of funding. And because this money is repaid once construction is done, it will build thousands of units of affordable housing again, again and again. The only limit at this point is the time needed for municipal approval processes and the speed of construction. Let’s get building.”  

Since it was established in 2018, HousingHub has over 3,400 homes completed or underway throughout the province for households with an average annual income of $75,000. HousingHub primarily supports development of rental homes with additional support for affordable homeownership projects. Rents or the costs of HousingHub homes offered for purchase must be at or below market rate and must remain affordable for a minimum of 10 years.

“Everyone deserves a safe and affordable place to call home, and we are working to make that a reality with an additional ongoing investment of $2 billion,” said Selina Robinson, Minister of Finance. “Investments like this not only support families, they also support our economy by ensuring housing is available for the new workers that growing businesses are counting on.”

This announcement is a part of Budget 2021, which will work to support people through the pandemic and move forward together into recovery and a more affordable province for everyone.

Source

Related Articles


Latest Articles


Changing Scene

  • BC Hydro Making it Easier and More Affordable to Connect New Homes

    BC Hydro Making it Easier and More Affordable to Connect New Homes

    July 24, 2025 BC Hydro is supporting the construction of new housing developments in growing communities by advancing changes to streamline upgrades and reducing the cost of new customer connections to BC Hydro’s electricity grid. “As communities across B.C. grow, so does the need for essential housing. We are committed to ensuring we’re ready to… Read More…

  • Mitrex Sets Record with Largest BIPV Solar Panel Mural at SunRise Residential in Edmonton

    Mitrex Sets Record with Largest BIPV Solar Panel Mural at SunRise Residential in Edmonton

    July 22, 2025 Building-Integrated Photovoltaics (BIPV) manufacturer, Mitrex proudly announces that its transformative SunRise Residential project in Edmonton, Alberta, has earned the Guinness World Record for the largest solar panel mural globally. This landmark project showcases Mitrex’s innovative BIPV solar panels, blending cutting-edge solar technology with vibrant cultural artistry to redefine sustainable architecture. Sustainable Architecture with BIPV Spanning over 30,000 square feet, the Mitrex eFacade PRO plus… Read More…

  • Nexans Unveils a Cable Made with 100% Recycled Materials

    Nexans Unveils a Cable Made with 100% Recycled Materials

    July 24, 2025 Nexans has reached a major milestone in its sustainability journey by developing a prototype cable made entirely from recycled materials — a first in the company’s history. This innovation combines technical performance, industrial feasibility, and a drastically reduced environmental footprint, marking a decisive step forward in circular economy. A cross-continental success story… Read More…

  • EFC Welcomes New Manufacturer Member: MGM Transformers

    EFC Welcomes New Manufacturer Member: MGM Transformers

    July 24, 2025 Since 1974, MGM Transformers has produced tough and trusted transformers designed to get the job done right. As a leading manufacturer, the company employs a highly experienced and dedicated engineering team that excels in custom designs. MGM Transformers is committed to excellent quality and service, offering industry-leading lead times and exceptional customer service. MGM Transformers specializes… Read More…