New funding agreement targets housing-enabling infrastructure, healthcare facilities, transit and community projects while reducing development costs and expanding opportunities for contractors across British Columbia.
The federal and British Columbia governments recently unveiled a 10-year infrastructure partnership that’s intended to channel more than $5 billion in federal funding into projects designed to accelerate homebuilding and expand community infrastructure across the province. Announced under the Build Communities Strong Fund (BCSF), the agreement includes nearly $1.6 billion in federal funding, matched by the province, to reduce development charges on multi-unit housing by up to 50 per cent in priority communities while investing in water, wastewater and local road infrastructure.
Removing barriers
The package also includes a proposed one-time $284-million transfer to remove barriers to residential construction and a facilitate joint initiative between Build Canada Homes and BC Housing to convert more than 2,200 vacant condominium units into affordable housing through innovative financing.
“Canadians gave our government a clear mandate to build a stronger country,” said Prime Minister Mark Carney. “Together, we’re building a stronger British Columbia, and a stronger Canada for all.”
Opportunities span multiple sectors
For Canada’s construction industry, the agreement signals a substantial pipeline of work across civil, institutional and transportation markets. More than $600 million in federal funding, matched by British Columbia, will serve to modernize hospitals, emergency departments and urgent care centres, while $2.5 billion over 10 years through the Canada Public Transit Fund will support new transit projects and service improvements. The governments also committed $200 million toward new infrastructure in Tumbler Ridge, including a secondary school and health centre renovations expected to begin imminently.