Housing Development Opportunities
![Constructors discussing](/sites/default/files/styles/converted/public/2024-03/AdobeStock_297621577-1-scaled.jpeg.jpg?itok=BYmBtm6i)
BC Builds is a new program that partners with developers and housing operators to speed up delivery of lower cost rental homes for middle-income people in BC.
Together we:
- Find underused land
- Provide financing and funding
- Speed up development timelines
- Build more rental homes
Below you can explore BC Builds current housing development opportunities seeking developers and housing operators. For further assistance or inquiries, please do not hesitate to info [at] bcbuildshomes.ca (contact us).
For non-profits that want to submit proposals to own and operate buildings, please team up with a developer/builder (for profit or non-profit) to submit a proposal. BC Builds is not seeking proposals for building operators only.
Current Housing Development Opportunities
![Satelite view of dense urban area with red outline around lot](/sites/default/files/styles/converted/public/2024-06/kamloops-columbia-st-thumb.jpg?itok=IYuP6dii)
Kamloops - 515, 523, 527 Columbia St
![A residential street scene with modern houses on one side and a lush green forest in the background. The sky is partly cloudy, suggesting early summer weather. There is an empty, undeveloped lot in the foreground, with patches of grass and a large log lying across it. The houses have a contemporary design with dark and neutral colors, and the neighborhood appears quiet and newly developed.](/sites/default/files/styles/converted/public/2024-04/landowners-banner.png.jpg?itok=MqBKYhza)
Sooke - 6671 Wadams Way
![A residential street scene with modern houses on one side and a lush green forest in the background. The sky is partly cloudy, suggesting early summer weather. There is an empty, undeveloped lot in the foreground, with patches of grass and a large log lying across it. The houses have a contemporary design with dark and neutral colors, and the neighborhood appears quiet and newly developed.](/sites/default/files/styles/converted/public/2024-04/about-hero.png.png.jpg?itok=CCbzFgr7)
North Cowichan - 9800 Willow St
![A residential street scene with modern houses on one side and a lush green forest in the background. The sky is partly cloudy, suggesting early summer weather. There is an empty, undeveloped lot in the foreground, with patches of grass and a large log lying across it. The houses have a contemporary design with dark and neutral colors, and the neighborhood appears quiet and newly developed.](/sites/default/files/styles/converted/public/2024-04/about-hero.png.png.jpg?itok=CCbzFgr7)
Kelowna - 1428 St Paul St
Program details
BC Builds is a rental housing program for middle income households. These are households earning a range of $84,780 and $131,950 per year for couples with no children for a studio or one-bedroom apartment and $134,410 to $191,910 per year for couples with children, needing a two or larger bedroom home. The aim of the program is to provide housing for households within these ranges. To help achieve this goal BC Builds can provide:
- Low-cost construction financing for buildings owned and operated by for-profit and non-profit developers
- Direct access to CMHC construction and financing.
- Low-cost take-out financing
- Grants of up to $225,000 per unit for buildings owned and operated by co-operative or non-profit developers and First Nations controlled development corporations, with the goal of having at least 20% of the units at 20% below market rents
Please refer to the BC Builds Rental Supply Program Framework for full program details before submitting your proposal.
![A residential street scene with modern houses on one side and a lush green forest in the background. The sky is partly cloudy, suggesting early summer weather. There is an empty, undeveloped lot in the foreground, with patches of grass and a large log lying across it. The houses have a contemporary design with dark and neutral colors, and the neighborhood appears quiet and newly developed.](/sites/default/files/styles/converted/public/2024-03/landowners-banner.png.jpg?itok=Bzbyhkx1)
How to apply
- Review detailed property information, criteria and deadlines in the Property Opportunity Notices.
- Attend an optional Property Information Session about a specific Housing Development Opportunity. Please see the property listings above for times and dates. Contact BC Builds info [at] bcbuildshomes.ca (info[at]bcbuildshomes[dot]ca) if you have any questions about a Property Opportunity Notice. Please do not contact landowners directly.
- Review the BC Builds Rental Supply Framework.
- Applicants can present their submission in the form and format of their choice, with the option of using this Capital and Operating Budget Template.
- Proposals must be sent to info [at] bcbuildshomes.ca (info[at]bcbuildshomes[dot]ca) on or before the due date listed in the Property Opportunity Notice.
Note: Detailed information on eligibility and full evaluation criteria and scoring can be found in the Property Opportunity Notices above.
You can apply for a BC Builds Housing Development Opportunity if you’re a:
- co-op or non-profit developer
- First Nations developer
- private developer
Please note:
- Some landowners are seeking a developer and a building owner/operator. Others are looking to secure just a developer/builder. Please read each Property Opportunity Notice for details.
- Private developers/builders may partner with non-profits and co-ops. Private developers may also submit their own proposals to develop, build, own and operate housing unless otherwise specified in the Property Opportunity Notice.
You must:
- Be registered and in good standing with the BC Corporate Registry or partner with a business or organization that is.
- Have previous property development and property management experience or engage professional third-party consultants or property management company.
- Have a plan for construction and operations that’s financially viable.
- Meet equity requirements.
- Successful projects must break ground within 12 -18 months (depending on the complexity of the project) from the signing of a Conditional Land Contribution letter following the selection of a successful proponent (see process diagram).
- The land must be used to create new housing for middle income families as defined in the BC Builds Rental Supply Program Framework.
- Eligible projects must be primarily residential but can include ground floor commercial and/or community uses and/or childcare.
Land will be leased at nominal ($1.00) value by the landowner to the successful applicant on 60- to 99-year basis or disposed of at nominal value. Please see individual Property Opportunity Notices for details.
Rates for interim construction financing 2024 4.75% 2025 3.65% 2026 3.30% 2027 3.30% Rates for take-out financing 2024 4.69% 2025 4.56% 2026 4.52% 2027 4.52% - 35-year amortization
- Available to non-profits
Depending on the number of applications received, it will take several weeks for BC Builds and the landowner to review proposals and select a successful applicant.
There is no cost to apply.
Housing Development Opportunities Process Overview
![Housing Development Opportunities Process Overview Graphic](/sites/default/files/styles/converted/public/2024-05/BCH-BC-Builds-Opportunities-Process-Graphic.jpg?itok=Bqv2ybWd)