Housing Affordability

In recent years, housing prices have increased significantly in the Metro Vancouver area including Richmond, reflecting the growth in our population and housing demand. It is our government’s top priority to increase housing supply and affordability, so that everyone can realize their homeownership dreams.

In September, our government committed to make the largest housing investment in a single year by any province in Canada. With the $500 million funding, 2,900 units will be created in partnership with stakeholders such as non-profit societies and local governments. This is on top of the $355 million investment already announced in February, bringing the total to 4,900 affordable rental housing that will be created for low-to-moderate income renters.

In fact, there are many government programs which are already increasing housing affordability for people in need. For Richmond, over $16 million was invested last year to subsidize housing and rent supplements for close to 4,000 households. This includes providing support for more than 2,200 senior households and more than 1,500 family households.

The large housing investment and other housing affordability actions recently implemented have shown our determination to improve housing affordability. Our government will continue to strive to make sure our province continues to be the best place to live, work and raise a family.

John Yap

MLA for Richmond Steveston