B.C. has struck a deal with the federal government for Ottawa to provide more than $5 billion for housing and infrastructure in B.C. over the next 10 years.
Funding will include $2.5 billion for transit, such as SkyTrain development, $1.6 billion to lower development cost charges, $600 million for health-care infrastructure, a $284-million one-time payment to reduce barriers to new construction, $100 million for a new Tumbler Ridge secondary school and $50 million for infrastructure in coastal communities such as Prince Rupert and Terrace.
B.C. will match the funds for development cost charges, the $600 million for health care and the $100 million for a new school in Tumbler Ridge.
The money for development cost charges will lower these fees for multi-unit housing projects by up to 50 per cent in priority communities, resulting in savings of up to $40,000 per unit.
More to come.