More Money into Burnaby Housing Fund
Nearly a month ago the BC provincial government declared that it would commit $500 million to a housing affordability fund. The idea was to use the funds to create affordable Burnaby housing units. This may help keep up with the growth of the province and help support families. Including the $355 million in February, this bumps up the housing affordability fund to $855 million for the year.
On October 11th, Rick Coleman, Deputy Premier, in a letter addressed the affordable housing issue in Burnaby. He states that there are a number of projects aimed to create more housing units and subsided housing. Previous projects include: 91 senior living units, replace 90 aging units, and subsidized approximately 6,800 households in Burnaby.
The province will continue to work with the municipality and its partners to find a solution to Burnaby’s complex housing issue.
You can see the full letter here.
What does this mean for Affordable Housing Occupants?
Occupants may be looking at new homes and housing units. The current system is to create the new buildings then relocate people to the new building once construction is complete. This is to ensure a smooth transition.
This will also increase the number of affordable housing units which are available to students, seniors, low income families and families with disabilities. Funding is also going towards transitional housing. Transitional housing is for aiding those who are in the transition from homelessness, or risk of homelessness.
Reason why Affordable Housing is needed as noted in the 2016 Burnaby Housing Profile:
- Available land: there is a finite amount of land available
- Desirable location: Burnaby has lots to offer
- Population Growth: continuing to rise
- Demographics: impacts types of housing that are in demand
- Government policies: impacts value of houses
- The Economy: impacts the housing market
- Jobs and Incomes: more money people make, the more they want to own a home
- Interest Rates: Impacts ability to purchase a house
What does the Future Hold?
The impacts of these initiatives ideally mean more support for those who need it and less heart breaking stories of evictions. This may also lead to more projects including the many Burnaby coops that are in place today.
This also may help address the issues that Burnaby is facing of high cost of living. More affordable housing means people can pay for essentials as well as rent.
Some of the purposed projects are to either rebuild the old 1970’s housing units or renovate existing buildings. New affordable living conditions could mean safer residences.
These initiatives will hopefully improve the Burnaby’s housing situation.