Ottawa, BC announce new housing and infrastructure partnership

VANCOUVER — Prime Minister Mark Carney and Premier David Eby announced a new federal-provincial partnership Thursday aimed at accelerating homebuilding and infrastructure projects across British Columbia.

The agreement includes more than $5 billion in federal funding over the next decade for public transit, health care infrastructure, housing-related projects, and community infrastructure.

Projects eligible for funding could include major transit expansions such as the Surrey-Langley SkyTrain extension, new hospitals and health facilities, and other local infrastructure needed to support growing communities.

A key part of the announcement is a plan to convert more than 2,200 unsold condominium units into affordable housing through a partnership between Build Canada Homes and BC Housing.

Speaking with reporters following the announcement, Carney said the federal government could purchase unsold condo units from developers, with the homes potentially used for rental housing or resale.

The two governments also announced a combined $200 million investment to build a new school and health centre in Tumbler Ridge following last year's mass shooting.

The agreement also includes federal funding to help municipalities reduce barriers to homebuilding and speed up project approvals.

Asked whether he wants to see Vancouver home prices come down, Carney said the government's focus is on increasing housing supply and building more homes.