Federal project to improve affordable housing in Greater Vancouver

Federal project to improve affordable housing in Greater Vancouver

Federal project to improve affordable housing in Greater Vancouver

The federal government has launched the “Reaching Home” affordable housing venture in Greater Vancouver, which will receive $85 million in funding over the next five years.

“This total includes all funding received through three funding streams: Designated Communities, Indigenous Homelessness, and Community Capacity and Innovation,” the announcement noted.

Specifically, the funding will be routed through the Vancity Community Foundation and the Lu'ma Native Housing Society.

“When one person is forced to live on the streets, we’re all diminished. Homelessness is a reality for too many Canadians and a challenge for every Canadian community,” according to the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development.

“Through Reaching Home we’re working with other levels of government, NGOs, Indigenous partners and communities across Canada to provide more stable housing to people living in homelessness and increasing support for vulnerable groups,” Duclos assured.

“This is only the beginning and one of many changes that will make a real impact on the lives of vulnerable Canadians. By working together, we can reduce homelessness in our communities by 50% by 2027–28."

In its recent data release covering July, the Real Estate Board of Greater Vancouver indicated that the region’s benchmark price for detached housing is at a severely inflamed $1,417,000. This is despite a 10.5% year-over-year drop during that month.