Rendering to what Premier Christy Clark said, the money going in B.C.’s real estate market will be used to take care of inexpensive housing developments in the province, they will also be working hand in hand with NGOs and other municipal groups. Enough funding has been reserved to take care of at least 3,000 rental units; some of the cash which includes incomes from B.C property transfer taxes and $500 million from record levels of revenue.
The announcement that was made sometimes this month, came about after the 15 per cent tax on foreign home buyers came into effect. Clark mentioned that “this is one of the benefits of running one of the strongest economies in the country. It’s what the economist would call a virtuous circle.”
A part of the rental units will be covered by latest construction, while the others will come from already built structures that the state council is yet to purchase. Clark sees is an important step towards aiding people in getting a suitable and comfy place to stay in.
The step was hyped by Clark as a huge investment in construction to be carried out within the calendar year by any province in the country. Additional to that, she said the tranche will be a supplement to the already $355 million grant that will be used to fund housing units that are reasonable priced. An agenda of 36 months have been scheduled for the projects to be completed as mentioned by the premier. The project is to be approved by March, next year.