11:33 AM

BC Budget 2023 makes significant investments in housing

The BC Government has released Budget 2023. The Budget includes $4.2 billion over three years for significant investment in housing priorities, including those delivered by BC Housing.

Budget 2023 makes targeted investments to get people into homes they can afford and lays the groundwork for a refreshed housing plan, which will be released by the Province in the coming weeks.

Budget 2023 makes significant investments to get more affordable, attainable homes built throughout the province almost $1.7 billion in operating and capital funding over the fiscal plan will create thousands of homes. This includes investments in Building BC programs. More information will be available this spring on upcoming requests for proposals for the Indigenous Housing Fund the Community Housing Fund.

Budget 2023 also provides $1.5 billion in operating and capital funding over three years to further action for new and expanded responses to address homelessness and encampments. BC Housing is working with the Ministry of Housing and key partners to develop and implement immediate operational responses and develop longer-term strategies to prevent and better respond to homelessness and encampments. We will have more information soon.

Budget 2023 provides $558 million more over three years to increase supports to income and disability assistance clients. This includes a plan to increase the shelter rate (a component of the income and disability assistance rate) by $125 per month. BC Housing is actively working with the Ministry for Social Development and Poverty Reduction (SDPR) on the impacts of this planned increase. BC Housing will have more information soon for employees, providers, partners, and residents / tenants.

For more information on the housing priorities announced in Budget 2023, view the backgrounder available on the government website. The BC Housing Service Plan 2023/24 to 2025/26 was also released.