When you’re living on a pension, it’s tough to keep up with inflation.
That’s why so many seniors are demanding more affordable housing options, a key factor in upcoming provincial and federal elections.
Some government agencies are working on the problem. For example, the Hastings-Sunrise neighbourhood in east Vancouver will soon have 146 new affordable homes for seniors, families, and people with disabilities.
The Sunrise Village project at 2924 Venables Street, is a partnership between the federal government, the provincial government, the City of Vancouver, Metro Vancouver, and Brightside Community Housing.
Funding for this project includes:
- $10.95 million from the federal government, through the Affordable Housing Fund
- $15.9 million from the Province of British Columbia, through BC Housing
- $23 million in land equity from Brightside Community Housing
- $5.5 million Community Housing Incentive Program (CHIP) grant from the City of Vancouver and a Development Cost Levy (DCL) exemption valued at over $3 million
- $156,512 from Metro Vancouver
- $226,884 from Translink
The two new buildings are replacing an aging building with 64 apartments.
Construction is underway and expected to complete in 2026.
Quick facts:
- The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to help build new affordable housing and renovate and repair existing, affordable and community housing.
- Through the 2023 Fall Economic Statement, the government announced an additional $1 billion for the Affordable Housing Fund, bringing the total funding to over $14 billion. To further support non-profit, co-operative, and public housing providers and respond to the needs of those most impacted by the housing crisis, Budget 2024 committed an additional $1 billion to the fund.
- This program under the National Housing Strategy (NHS) gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people living with disabilities, those with mental health or addiction issues, veterans, and young adults.
- As of March 2024, the federal government has committed $50.97 billion to support the creation of over 146,000 units and the repair of over 286,000 units.
- These projects are part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has delivered nearly 80,000 new homes that have been completed or are underway, including more including more than 7,600 in Vancouver.
- The Province has provided a $29.6 million equity contribution through BC Housing’s Supportive Housing Fund, and and BC Housing will retain ownership of 57 supportive housing units upon completion.
Related links:
- Visit Canada.ca/housing for the most requested Government of Canada housing information.
- CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
- To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.
- To learn about B.C.’s new Homes for People action plan, visit: https://news.gov.bc.ca/releases/2023HOUS0019-000436
- To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/
