Burnaby- The Province is going to subsidize the majority of the 162 units at Hillside Gardens in Burnaby to improve housing affordability for families, according to an announcement by Housing and Social development Minister, Rich Coleman.

Budget 2008 increased the amount the province invests in affordable housing and shelter to more than $380 million a year, more than three times as much as in 2001.

The provincially owned development at 7434 Kingsway currently provides market rental housing for residents, many of whom are low-income or new to Canada. Over the next several years, about 100 of the units will be converted to subsidize housing, for which residents who qualify will pay a maximum rent of 30 per cent of their income. Residents not eligible for subsidized housing will continue to pay lower-end-of-market rent.

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The number of housing starts in Canada fell in June, but the previous month’s figure was upwardly revised which convinced economists the sector is not headed for a US-style meltdown.

Housing starts fell 4.3 per cent to a seasonally adjusted annual rate of 217,800 units last month from a revised 227,700 units in May.

Data from Canada Mortgage and Housing Corp (CMHC) came in ahead of the median estimate of analyst, who had expected 217,000 starts in June. Even though the June numbers showed the construction sector cooling, some economists predict the decline will not turn into the type of meltdown that has plagued the US housing sector since last year amid the sub prime mortgage crisis.

Bob Dugan, chief economist at CMHC said,

“Despite the decrease in June, total housing starts remain at high levels. This is mostly due to the multiple segments, which has been continuously above the 100,000 unit threshold since the beginning of the year.”

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