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Ministry of Housing

Media Relations
236 478-0251

BC Housing

Media Relations
media@bchousing.org

Backgrounders

More details on rental homes coming to Langley, Burnaby

The Colton (Phase 2) is made possible through a combined investment of approximately $202 million, including:

  • the Province, through BC Housing, is providing approximately $172 million in financing, which will be repaid upon occupancy; and
  • the developer is contributing the land and cash for a combined equity of approximately $30 million.

Actual rents will be calculated closer to occupancy to ensure both affordability and financial viability of the projects’ debt service requirements. If these projects were open today, rental rates would include:

  • $1,240 to $2,997, depending on unit type, for 20230 72B Ave.;
  • $1,240 to $2,850, depending on unit type, for 27200 Block of Fraser Hwy.;
  • $1,420 to $2,800, depending on unit type, for 7883 199 St.;
  • $1,450 to $3,900 depending on unit type for The Colton, 8539 201B St. and 20129-85 Ave.; and
  • $2,100 to $3,800 depending on unit type for 7135 Walker Road and 7244 Arcola Road.
More information about BC Builds

BC Builds, launched in February 2024, leverages underused government, non-profit and community land to take out a significant cost of housing: land. By providing land such as unused parking lots, grown-over fields or land next to public buildings at little or no cost, new rental homes can be built that are attainable for middle-income households.  

The program also offers grants to public, non-profit and First Nations groups to ensure that 20% of homes that receive grants rent at 20% below market. These are combined with repayable loans for builders at rates better than banks, which are all paid back, with interest, to government. Offering these lower rates to builders up front reduces costs, allowing rental projects to get off the ground and be more viable to build.  

All BC Builds units have a target of households with middle incomes within the middle-income household thresholds based on unit type as outlined by BC housing. The average cost of rent at BC Builds projects will vary from project to project, but the aim is middle-income households spending no more than 30% of their total income on rent so more people can find a home they can afford on salaries they make. The rents for BC Builds homes will not exceed the market rent for that community and will, in many cases, be below market rent.

BC Builds is supported by a $2-billion low-cost financing from the B.C. government and a provincial commitment of $950 million for the overall program, as well as $2 billion in additional financing from the Government of Canada.