With a severe deficit in affordable housing in the city, the new promise of one hundred and eighty million dollars to help comes as welcome news. The recent move by the federal and provincial governments has been a long awaited one.
Both the BC government and the federal government have promised 90 million each to build affordable housing in B.C. over the next three years.
Monday saw the opening of a new development for women in Vancouver with 108 housing spaces. Located in the downtown eastside of the city, this supportive housing will give some women a much needed place to call home.
The B.C. government provided a grant of just over fourteen and a half million dollars towards the project and has promised another 472,967 every year.
The city of Vancouver itself has offered up the land. The land is reckoned to be worth 2.6 million dollars. The city has also contributed three million dollars to develop commercial and retail space on the ground floor and four hundred thousand in grants.
The Sorella building is an essential component of creating safe, supportive and affordable housing for the most vulnerable people in the province. The goal of the housing project is to give women and children at risk of homelessness a safe place to call home.
With the new promise of further funds to keep up with the demand for affordable housing, more projects will hopefully be on the way. With the prices of Vancouver homes for sale increasingly out of range for most people, affordable housing is seriously needed.
Vancouver realtors are noticing the international interest in Vancouver houses as well as the sheer desirability of the city has led to very high real estate prices. This combined with a lack of affordable housing has created a serious problem in the city.
New money for affordable housing is therefore a great boon to those finding it hard to find adequate housing in the city. The promise of more funding from the provincial and federal levels of government over the coming years will hopefully help make the city more affordable for those unable to keep up with the market prices.