British Columbia’s 2022 budget is largely a stimulus budget. There are significant investments in continued recovery from last year’s extreme wildfires and floods, as well as the COVID-19 pandemic.
The budget acknowledged that British Columbia’s “record supply and strong demand for homes” have led to significant price increases in 2021
, in all major regions and for all types of housing. However, there were few promises of new investment to address this lack of housing supply.
Significant new investments impacting BC’s real estate sector include:
- $8 million in funding to support non-profit housing providers is accelerating the construction of mixed-income housing through the Community Housing Fund.
- An additional $111 million to continue and accelerate progress toward building 114,000 affordable housing units in British Columbia over 10 years. This includes a new rent supplement of $600 per month for more than 3,000 low-income families and mixed-income rental housing for seniors.
- $12 million over the next three years to create and support the work of the Declaration Act Secretariat for the Declaration on the Rights of Indigenous Peoples Act (the Declaration Act). The Secretariat will provide advice on consultation and consistency of laws with the Declaration Act, help inform the government’s legislative agenda, and engage with Indigenous peoples to ensure the law is applied consistently.
- More than $39 million in new operating funding to support energy-efficient buildings and market supports through the CleanBC Better Homes, Better Buildings program. This includes $16 million over three years to provide additional new incentives, such as heat pump incentives, to rural and northern homeowners. Additionally, $3 million is being provided over three years to develop the highest efficiency standards for space and water heating, and a new home energy rating system allows buyers to determine the energy efficiency of homes.
- $400 million to Emergency Management BC to help people and communities recover from flooding.
- $45 million for the BC Wildfire Service and Emergency Management BC, plus $52 million for wildfire prevention projects and services
Other significant investments include:
- $2 billion allocated for pandemic recovery contingencies over the next year,
- Investing $100 million a year in a child care plan in partnership with the federal government, and
- $289 million over five years to connect more rural, remote and Indigenous communities to high-speed Internet.
- The deficit for the current year is now forecast to be $483 million.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.