Report shows BC Housing on track in delivering new affordable homes
VICTORIA – BC Housing has released the Affordable Housing Investment Plan Report – Second Quarter 2019/20, a report prepared for the Board of Commissioners on the organization’s progress delivering new affordable homes for British Columbians.
While overall the Province has nearly 23,000 homes completed or underway since 2017 – including more than 4,300 homes complete and close to 7,700 in active construction – BC Housing is only responsible for a portion of the Province’s 30-point plan. That includes the delivery of 28,900 new homes against the Province’s goal of 114,000 affordable homes.
As a result, this report only reflects BC Housing’s own progress as of Sept. 30, 2019 and does not reflect the current number of homes to date. The numbers do not include other homes being delivered as part of the Province’s housing plan, including student housing units and those being built under the Regional Housing First program – a partnership with the federal government and the Capital Regional District.
As of Sept. 30, 2019:
- BC Housing had 16,064 homes in progress or completed under the Building BC, HousingHub, and Homelessness Action Plan programs – part of the nearly 23,000 new affordable homes the Province has underway or completed since 2017.
- Of the 2,364 homes under construction and planned for completion in this fiscal year, 80% (1,895 homes) were ahead of schedule, on track, or experiencing only minor schedule adjustments.
- In the 2018-19 fiscal year, BC Housing opened a record 4,180 new affordable homes, more than double the number of homes completed in 2016-17.
- This year, BC Housing is on track to meet its fiscal goal of delivering 3,035 new homes in 2019/20.
- 9,089 (57%) of BC Housing’s homes completed or underway are affordable rental housing for households with annual incomes up to $74,000 (low- to moderate-income earners), while 4,340 (27%) are for very low-income earners (e.g. supportive housing or shelter-rate housing).
- Through the Capital Renewal Fund program, BC Housing also has funding to maintain and improve existing provincially-funded social housing. Since 2018, 755 improvement projects have been initiated or completed.
This report focuses on the progress of the Building BC funding programs, which were announced through Budget 2017 Update and Budget 2018 as part of Homes for BC, the Province’s 30-point plan for housing affordability. The report also includes analysis of the HousingHub, the Homelessness Action Plan (Budget 2019), and the Capital Renewal Fund program, which are delivering new and upgraded homes across the province.
The Government of British Columbia is making the largest investment in housing affordability in B.C.’s history — more than $7 billion over 10 years.
Moving forward, BC Housing will be posting all Affordable Housing Investment Plan quarterly reports on their website, including the Affordable Housing Investment Plan Report – Second Quarter 2019/20, which can be found here: https://www.bchousing.org/publications/2019-20-AHIP-Q2.pdf
A map showing the location of all announced provincially-funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC
BC Housing is responsible for a portion of the Province’s 30-point plan, including for the delivery of 28,900 new publicly-funded homes, and the development of thousands more homes through HousingHub partnerships towards the province's goal of 114,000 affordable homes.
To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://workingforyou.gov.bc.ca/