Housing

Rents across B.C. continued to decline in June, falling 5.3 per cent from a year earlier as asking prices eased in most major markets, according to a new Rentals.ca and Urbanation report.

The province has awarded $9 million in grants to 56 local governments through the Local Government Development Approvals Program, administered by the Union of B.C. Municipalities. The funding is intended to help municipalities improve internal processes and streamline development approvals.

Prime Minister Mark Carney and B.C. Premier David Eby are defending a plan to convert more than 2,200 vacant condos into affordable homes after critics called it a taxpayer-funded bailout for developers.

A housing project in Courtenay for adults living with developmental and intellectual disabilities reached a major milestone this week.

Average rents in British Columbia fell 5.7 per cent in May from a year earlier, as the province lost its position as Canada's most expensive rental market to Nova Scotia.

Residents will begin moving into new affordable rental homes on Hornby Island later this month.

British Columbia is accelerating timelines for communities to opt out of short-term rental limits, aiming to help them capture the summer tourism season.

Average asking rents in British Columbia dropped 5.1 per cent in March from a year earlier, even as the province remained the most expensive rental market in Canada.

NDP MLA George Anderson is backing away from his private member’s bill to speed housing approvals after widespread opposition from municipalities and industry groups.