Thank you, Mr. Chair.
We are sitting here talking about a program in the process of being designed by the B.C. government to meet the priorities they have set provincially and address an issue that is within their jurisdiction. The federal government is respecting that as a provincial priority and taking action to help facilitate it, as Canadians expect of co-operative federalism.
It's worth reminding Canadians that the condo conversion program that brings us here today has not even been finalized. The B.C. government has said that the details will become available in the coming weeks, but instead of waiting for the details and instead of having the complete picture for us to discuss, the Conservatives have decided to call us into an emergency meeting, pulling us away from important work in our constituencies.
I want housing. My constituents in Burnaby Central want housing. I think everyone around this table wants housing. Burnaby is one of the most expensive rental markets in this country. The average rent here sits at roughly $2,300 a month, about 18% above the national average. Burnaby is consistently ranked among the top five most expensive cities in which to rent in all of Canada. That's the reality facing thousands of families, students and workers in my riding.
This is not a theoretical policy debate. It is about whether a nurse, a transit worker or a young family can find affordable housing to live in this year or next year, not five years or 10 years from now. The Canada-B.C. condo conversion partnership will convert more than 2,200 unsold move-in ready condo units into affordable rent-to-own homes, making use of homes that are already built instead of waiting years for new construction. That's exactly the kind of fast action a rental market like Burnaby Central needs.
This program does not stand alone. It is backed by real federal investment already in the region. For example, there's $2.5 billion over 10 years through the Canada public transit fund, on top of the $852 million already committed to TransLink and BC Transit—investments that directly serve Burnaby commuters and make transit-connected housing more viable.
Also, nearly $1.6 billion in federal funding, matched by B.C. for up to $3.2 billion, will cut DCs for multi-unit housing by up to 50% in priority communities, saving up to $40,000 per unit. This is about getting Burnaby renters and B.C. renters into homes faster, rather than waiting years for construction to catch up with demand.
At the end of the day, this committee has a choice: spend more time debating speculation instead of solutions or spend time getting Canadian families into homes. I know what my constituents in Burnaby Central expect from me and this committee, and it is not political theatre.
To be very clear, the units will be acquired at below market rate, to be converted into affordable housing. Secondly, the overall contribution of the Government of Canada through Build Canada Homes will be approximately $150 million, not billions. Finally, through a rent-to-own program, units will support home ownership for people who otherwise would not be able to own a home.
Let's get to work.
Thank you, Mr. Chair.