Premier Christy Clark announced that $500 million—which will be coming from record levels of housing revenue as well as proceeds from B.C. property transfer taxes—will fund the construction of 2,900 rental units over the next three years, The Globe and Mail reported.
The money will subsidize the building and maintenance of affordable housing for the most at-risk sectors today, including seniors, students, aboriginals, single parents, low-income households, and adults with developmental disabilities.
“It’s a monumental investment,” B.C. Non-Profit Housing Association president Kishone Roy said. “No provinces have made this kind of investment in social housing. This sends a huge message to Ottawa about the quantum of the program.”
The B.C. government has also proclaimed former real estate lawyer Micheal Noseworthy as its new superintendent of real estate. Slated to begin his new duties on October 19, Noseworthy will be responsible for regulating the province’s 22,000 licensed agents as well as investigating complaints against these professionals.
The appointment came in the wake of Premier Clark’s declaration earlier this year that greater government oversight is a must in the current economic environment, as the B.C. Real Estate Council’s regulation of the industry wasn’t proving effective in addressing the root causes of the housing crisis.
In its September 19 statements, the British Columbia government revealed its historic investment on rental stock along with its appointment of the province’s new real estate watchdog.