A lot of new construction houses in Vancouver are being built with the help of government bonds.
A new construction bond issued by the city will pay for the construction of up to $5 million worth of homes, including condos, condos for rent, and townhoms for families.
The bonds were originally announced in April and will be available for purchase through the city’s website.
This is the first time the bonds have been sold.
“The bond was designed with communities in mind, so they are not just paying out to developers, but to communities who will benefit,” said Vancouver city councillor and former mayor Linda Hepner.
The bond program is one of the first city-wide investments in the Vancouver market.
In order to qualify for the bonds, new construction projects must be of value of $5,000 to $15,000.
If the value of the project exceeds $15 and there is no community support for the project, the bond will be issued, Hepner said.
The city also plans to build four-bedroom townhalls for families, with four bedrooms and two bathrooms for each room.
Hepner described the project as a way to help families in need.
“We’re really encouraging families to be part of this project, because it will give them access to more affordable housing,” she said.
“There’s a lot of opportunities for people in our community who are in need to get into these types of projects.”
Construction has been increasing in Vancouver over the past few years, with new homes opening all the time.
The latest figures from the city show that the total number of homes built last year was 5,835, an increase of 13.4 per cent from the year before.
According to the B.C. Housing Association, there were a total of 7,400 houses built last month.