Announced Sunday, June 26 at a new housing development on East Hastings St., the money is in addition to $63 million under the Investment in Affordable Housing agreement and includes:
· $25.2 million for construction, repair and adaption of affordable housing for seniors;
· $10.9 million for construction and renovation of shelters and transition houses for victims of family violence; and
· $50.9 million for repairs on aging social housing units.
Rich Coleman, deputy premier and minister of Natural Gas Development and minister responsible for Housing, said in the announcement’s release that the rest of the money will be allocated as they go along.
“We will be working with communities throughout the province to identify specific housing needs and determine where the additional funding will be distributed,” he said.
April figures for the Real Estate Board of Greater Vancouver were 41.7% above the 10-year sales average for the month, and the benchmark price for all residential properties in Metro Vancouver is currently $844,800, which is a 25.3% increase compared to April of 2015.
A recent RBC Housing Trends and Affordability report found it costs Metro Vancouverites 119.5% of the median household income to cover ownership costs associated with a single-detached home, the highest in the country.
- with files from Emma Crawford Hampel
