Homes for People is the new BC housing plan you need to know about.
It’s no secret that the Lower Mainland’s chronic shortage of homes has driven housing unaffordability through the roof. Vancouver has the dubious distinction of ranking among the highest in the developed world for housing unaffordability, a distinction that no one who lives in Vancouver has ever challenged. The problems are well known.
But what about some solutions? Without them, the province is only going to see more and more Lower Mainland residents consider making a move to Calgary, or pondering what a $1,000,000 property looks like in Kamloops, BC. In case you’re wondering, it looks pretty darn nice.
Kamloops
Homes for People is a brand new BC housing plan that the province says will speed up the delivery of new homes, increase the supply of middle-income housing, fight speculation and help those who need it the most. Let’s take a closer look.
The bronze medal no one wanted.
According to a Demographia International Housing Affordability survey, Vancouver is the third least-affordable city in the world, after Sydney, Australia and Hong Kong, China. In its results, the survey states that there is a broad view that deteriorating housing affordability is an existential threat to the middle class. Not pulling any punches with that kind of language.
Enter the provincial government with a new plan that aims to address this ongoing affordability crisis. It’s aptly named the Homes for People plan.
The four pillars.
Homes for People is focused on four key issues.
- Unlocking more homes faster
- Delivering better, more affordable homes
- Helping those with the greatest housing need
- Creating a housing market for people, not speculators
four keys
So how will the provincial government achieve this lofty goal?
First off, Homes for People builds upon the provincial government’s 2018 Homes for B.C. plan, which was the largest-ever investment in housing affordability, a cool $7 billion. This was put into place in order to target real estate speculators and increase the number of rentals available.
Secondly, in its Budget 2023, the provincial government has earmarked more than $4 billion over three years to the Homes for People plan, with a further commitment to invest $12 billion over the next decade.
First of its kind.
Thom Armstrong, CEO, The Co-Operative Housing Federation of BC (CHF BC), says this is a good plan, adding no other provincial government, or for that matter, federal government, has “ever made an affordable housing investment of this kind.”
“Homes for People is a historic investment … groundbreaking and impressive,” says Armstrong. “There are plenty of critics, but I would say to them, it’s not just enough to say the government’s plan isn’t right unless you can suggest an alternative that would work better.”
Thom Armstrong
However controversial you may think the Homes for People plan is, the reality is more complicated, because there is a lot of pushback from some municipalities, most notably because some cities aren’t too keen on allowing for more density and rezoning changes.
“Twenty percent of the population is living on 85 percent of the land base zoned for single-family homes,” explains Armstrong. “We have to allow for more density on land previously zoned only for single-family homes to tackle this pressing issue.”
Constructing a plan.
According to Neil Moody, CEO, Canadian Home Builders Association of BC (CHBA BC), its association has been advocating for changes in the construction industry for years, to allow its members to build social and market housing without the “restrictive zoning policies and the multiple layers of red tape that can delay projects for years.”
Niel Moody
Concert Properties has seen the need. Its Coquitlam project, 55One, has recently completed and will be welcoming people later this month. Although 55One was funded and developed before the Homes for People plan, 55One is a perfect example of what can be achieved through public-private partnerships at work in addressing rental housing needs.
55One
55One is Concert’s latest purpose-built 31-storey rental building, which will feature 308 market and non-market rental homes within the Burquitlam community. Through a partnership with Canada Mortgage and Housing Corporation (CMHC), BC Housing and 43 Housing Society, Concert Properties was able to make 100 homes available at non-market rates. Touted as the city’s most energy-efficient residential tower, the homes range up to three bedrooms - designed to assist families, couples and individuals in the community access more affordable housing.
"Continuing our over 30-year history of delivering and managing rental housing in the Lower Mainland, we're very pleased to partner with all three levels of government and 43 Housing Society to deliver affordable rental homes in the heart of this inclusive, sustainable new master-planned community in Coquitlam, BC,” says Brian McCauley, president and CEO, Concert Properties.
Moody went on to say: “We are pleased to see the B.C. government move forward with bold actions the homebuilding industry has recommended and if implemented effectively, we could see more attainable housing choices, faster.”
More is needed.
But beyond up-zoning for more density, Armstrong and Moody both agree that it will take more than this plan to deal with the housing crisis.
“This requires dramatic action, highly targeted and coordinated steps must be taken by all levels of government, not just the provincial government,” says Armstrong.
“Overall, I’m optimistic about Homes for People, as it will create more affordable housing supply but it’s not perfect … time will tell how effective this plan is,” adds Moody.
You can download the full report of Homes for People here.
