Just hours before a massive FIFA World Cup match in Vancouver, alongside B.C. Premier David Eby, Prime Minister Mark Carney celebrated the city in a significant funding announcement.
The presser was kicked off by Gregor Robertson, the federal minister of housing and former Vancouver mayor, who introduced Canada’s leader. It took place in the River District.
Carney, calling today’s presser a ‘landmark’ announcement, gave props to the province and the City of Vancouver for how it is presenting itself to the world for the soccer tournament.
He also announced that Build Canada Homes, “a new federal agency that will build affordable housing at scale,” had achieved royal assent.
The prime minister mentioned the challenges in the housing market, but said that some promising signs show things are changing, like decreasing rent.
“Canada and British Columbia have reached a landmark new agreement,” Carney said, adding that the agreement would help build more homes.
Carney said that the federal government was going to pledge $1.6 billion to infrastructure projects over the next decade, which would be matched by the B.C. government, for a total of $3.2 billion.
“Under this agreement, development charges on multi-unit housing projects across B.C. will be reduced by up to 50 per cent for the next three years,” Carney said.
One of the market challenges Carney mentioned is empty homes.
“There’s too many completed condos sitting empty,” Carney said.
To that point, he said that Canada and B.C. will collaborate to convert thousands of vacant condo homes into affordable homes, which will be available by fall.
Additionally, Canada will provide $50 million to support community infrastructure projects.
“It’s not just what we build, but how we build,” Carney said.
He also touched on the Canada Public Transit Fund, which entails offering $2.5 billion for transit projects, which would also support the Surrey-Langley SkyTrain extension.
In a somber moment, the prime minister also mentioned a trip he took with Eby earlier this year to Tumbler Ridge. In hopes of helping to heal that community, the federal government and the B.C. government are each providing $100 million to build a new school and a modernized health-care centre for Tumbler Ridge.
Construction is expected to begin this summer, starting with the removal of the existing school.
While rent and home prices have fallen, Carney was asked if he wants to see prices get even lower. The prime minister responded by saying he wants to see the country build more supply and build more affordable housing.
In a lighthearted question, Carney was asked for his prediction on the country’s match with Qatar. He touched on the atmosphere in Vancouver and how great it feels, and gave props to Qatar’s team. But didn’t necessarily say who he thought was going to win.
Eby thanked Carney for his contributions and thanked him for visiting Vancouver. The premier also made remarks about Vancouver as a host city, calling the vibes impeccable, and said that the FIFA World Cup led to more transit demand than even Taylor Swift, when she was in town.
He spoke about the empty condos and how they’re a pathway to affordable homeownership.
Eby was asked about trailing the B.C. Conservative Party in recent polling. He said that a very large number of people are “undecided” and are looking for governments to deliver on their priorities.
He also said that the certainty of the media and pollsters in the lead-up to an election is not necessarily a predictor of the outcome.
Surprisingly, the premier wasn’t further pressed about the recent controversy over the George Massey Tunnel.
City of Vancouver responds to Carney announcement
During the presser, the City of Vancouver issued a release, welcoming the Government of Canada’s housing and infrastructure partnership.
You can see the full presser on the CPAC website.
“This partnership recognizes what Vancouver has been saying for years: building housing has to get easier, faster, and less expensive,” said Mayor Ken Sim.
“Our Council has done the work. We are simplifying our building code, we have reduced costs on construction, and we have held the line on taxes. The federal and provincial governments are now backing exactly the direction we are already moving in. Vancouver families benefit when all three orders of government work together on housing.”
Sim added, “Vancouver has been leading on the practical steps that make building easier and less expensive. We look forward to finding more details about this new federal–provincial partnership in the coming days so we can move faster and go further. Vancouver is ready to deliver.”
