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6/19/20262 min read
BCREA’s Cautious Optimism on
Federal-Provincial Housing Announcement
On Thursday, June 18, 2026, Prime Minister Mark Carney and BC Premier David Eby announced a new federal-provincial partnership intended to accelerate homebuilding, lower costs, and build new local infrastructure.
Over the next ten years, through the Build Communities Strong Fund, the federal government will invest more than $5 billion in BC’s local infrastructure, including:
Nearly $1.6 billion over ten years – matched by BC for a total of up to $3.2 billion – to lower development charges for multi-unit housing by up to 50 per cent in priority communities and expand housing-enabling infrastructure.
More than $600 million over three years – matched by BC for a total of up to $1.2 billion – to modernize and expand health infrastructure and other critical facilities.
Up to $50 million over five years to support community infrastructure projects in coastal communities, with priority to projects in Terrace and Prince Rupert.
A one-time transfer of $284 million from the Government of Canada to further accelerate homebuilding in BC.
The use of innovative financing tools to launch the Canada-British Columbia Partnership on Condo Conversion, which will convert more than 2,200 vacant condo units in priority growth areas into affordable homes.
$2.5 billion over ten years through the Canada Public Transit Fund for investment in new transit projects and increasing service access and frequency in high-traffic areas.
$100 million – matched by BC for a total of $200 million – to build new infrastructure for the community of Tumbler Ridge, including a new secondary school and renovations to the local health centre.
The BC Real Estate Association (BCREA) applauds this cross-governmental commitment to funding the housing and infrastructure that British Columbians desperately need. However, many questions remain about how the funding will be delivered, how “priority” communities will be determined, and when the above-listed measures will begin. More importantly, it is unclear whether this joint commitment is enough to truly move the needle on housing affordability in this province.
As of the timing of this letter, no additional information about the announcement has been released from either the Office of the Premier or the Ministry of Housing and Municipal Affairs.
In initial meetings with our adjacent housing organizations, there has also been a shared sentiment of disappointment that the announcement didn't include a tax relief measure akin to Ontario's HST reduction on new homes for all purchasers, and instead limits it to the existing GST relief for first-time homebuyers of new homes only. This may have resulted in a more sizeable impact on housing affordability. That said, there are several positives with this announcement, particularly in terms of support for the struggling development sector.