Province announces 'historic' agreement with Metro Vancouver, B.C. Housing to build 2,000 affordable homes

Metro Vancouver mayors and B.C.'s Minister of Housing have announced a new collaborative effort to build affordable housing in the region.

The province, B.C. Housing and the Metro Vancouver Regional District announced Wednesday that they have signed a memorandum of understanding (MOU) agreeing to construct 2,000 affordable homes over the next 10 years.

A MOU is a legally non-binding agreement to establish a framework for co-operation towards a common goal.

The agreement follows the province's recent Homes for People action plan to deliver new homes at a faster rate, which Housing Minister Ravi Kahlon says won't be possible with the work of one tier of government alone.

"This challenge can only be addressed in partnerships with community organizations and all levels of government," said Kahlonat a news conference in Port Coquitlam on Wednesday morning.

He addedthe partnership is a "critical" and "historic agreement" that will support Metro Vancouver residents for years to come.

The agreement's first phase of projects will create 660 new homes at five sitesin Vancouver, Burnaby, Pitt Meadows and Coquitlam.

The province says it will support the initial phase with a $158 million investment over the next three years.

CBC News has contacted the Opposition's housing critic for comment.

'Housing crisis affects us all'

George Harvie, chair of Metro Vancouver's board of directors, says the regional district is contributing money and land valued at $217 million over the next decade.

With the region's population expected to increase by a million by 2050, Harvie says the need for housing is more crucial than ever.

"We need over 500,000 new homes by then... The housing crisis affects all of us and must remain a top reminder for those of us who are in a position to shape our region's future," he said at Wednesday's news conference, which was heldoutside the Salal Landing affordable housing project.

Surrey Mayor Brenda Lockesaid the new housing projects will prioritize accessible design for seniors and people with disabilities.

Other features will include shared kitchens, indoor and outdoor gathering areasand gardens, to build a sense of community.

Access to safe, affordable housing will improve people's health and wellbeing, she said.

"It allows them to focus on other aspects of their life, such as their education, their careers and their families," she said at the news conference.

Port CoquitlamMayor Brad West says he knows first hand the effect housing security can have on families.

"Raised by a single mom who worked two jobs to raise me and my younger sister, when our housing became more secure, life got a little bit easier," he said Wednesday.

"Mom had to work a little less hard, stress a little lessalthough my sister and I gave her other reasons to stress."

West says the new initiative is exactly what is needed to address "the most pressing issues we have in our province."

'Losing too many young families to other provinces'

Harvie said it's critical to revive the livability of the Metro Vancouver region, especially for people struggling financially.

"This situation is undoubtedly most challenging for those with low to moderate incomes, many of whom are facing numerous financial pressures on top of skyrocketing rents," said Harvie.

Kahlon says the province's housing strategy is working to address housing affordability for people with low and moderate incomes through increased availability in the market.

He said this is especially important for young families and new arrivals to B.C.

"We're losing too many young families to other provinces because they can't afford it here we need people for our economy to continue to function That's why we have to address this challenge head on."

The Homes for People action plan and the new agreement fall under the B.C. government's plan to invest $19 billion in housing.