Canadian Mortgages and Homes Corporation says at least 3.5 million new homes are needed in Canada by 2030 to meet demand. In B.C., almost 40 per cent of the province’s 660,000 rental households spend more than 30 per cent of their income on rent and utilities[16].
The following are highlights of the different approaches each party is taking to address housing affordability in British Columbia. The NDP focuses on government partnerships for new homebuyers, the Conservatives emphasize tax relief and deregulation, and Greens prioritize non-profit and affordable rental housing development.
NDP
- Proposed “Opening Doors to Homeownership” plan, where the government would pay 40 per cent of the purchase price for newly built homes for middle-income families. Home owners would need to repay the government’s 40 per cent stake after 25 years or when the property is sold[1].
- This program would support 25,000 new units over five years, costing $1.29 billion per year[1]
- Passed legislation requiring municipalities to update zoning bylaws to allow for mandated density levels around transit corridors and multi-unit dwellings, like quadplexes in all single-family zones, in all B.C. communities[7][13][14]
- Legislated municipalities to update long-term zoning plans for communities and make them comply with official community plans. Public hearings will not be allowed for projects that meet pre-existing zoning criteria[11]. This aspect has gotten pushback from community groups as well as some municipalities[12]
- Restricted Airbnb and other short-term rentals to one unit in principal residence. to open housing up for long-term renting.
Conservatives
- Introduced the “Rustad Rebate” allowing British Columbians to write off up to $3,000 a month in mortgage or rent payments on their income tax filing[4][7]
- Tax incentives for purpose-built housing, such as multiplexes[10]
- $1 billion per year to municipalities allowing small-scale multi-unit housing on two thirds of residential land[10]
- Build new towns outside of Agricultural Land Reserve (ALR) to ease housing shortage[10]
- This could result in average tax savings of around $1,600 a year, costing up to $3.5 billion annually when fully implemented[7]
- Promised to streamline permit and building approvals, setting a 6-month limit for rezoning and development permits, and 3 months for building permits[3][5]
- Pledged to repeal several NDP housing initiatives, including those that mandate zoning to municipalities, such as multiplex and high density zoning and will scrap restrictions on short-term rentals.[7] Conservative leader John Rustad has called these initiatives undemocratic and said if his party forms government, it will work co-operatively with locally elected officials to develop long-term zoning plans for communities.[15]
- Forensic audit of BC Housing and related non-profit organizations[10]
- Promises not to push low-barrier housing (supportive housing, shelters, etc) on communities that oppose it[10]
Greens
- Proposed a $1.5 billion investment into a non-profit housing fund[2]
- Plan to build 26,000 affordable rental units annually through investments in non-market housing providers and cooperatives[2]
- Support making public land available for non-profit housing development[2]
- Advocate for introducing vacancy control to limit rent increases between tenancies[2]
- Increase financial support for low-income seniors who rent homes[8]
- Make public land available for non-profit housing and build 26,000 units of non-market housing per year[9]
- $500 million per year to rental protection fund to keep affordable housing units and $100 million a year for maintenance of non-profit and co-op units, and give non-profits right-of-first-refusal on sale of apartment buildings[9]
- Investigate applying a tax on transfer of property to Real Estate Investment Trusts (REITs)[9]
- Apply 2 per cent tax on residential property values above #3 million; double provincial property tax rates on homes above $3 million[9]
- Develop rebate programs to encourage energy retrofits to homes, invest in the prefabrication sector[9]
- Province-wide ban on gas and oil hook ups in new buildings[9]
Citations:
[1] https://www.timescolonist.com/2024-bc-votes/bc-ndp-pledges-to-help-middle-income-homebuyers-with-40-of-financing-9571975
[2] https://www.squamishreporter.com/2024/09/19/bc-greens-propose-1-5-billion-non-profit-housing-fund-vacancy-control/
[3] https://vancouver.citynews.ca/2024/09/27/rustad-housing-construction-platform-promise/
[4] https://www.cbc.ca/news/canada/british-columbia/bc-conservatives-housing-rebate-1.7332719
[5] https://bc.ctvnews.ca/b-c-conservatives-ndp-both-announce-plans-to-help-ease-b-c-housing-crisis-1.7054766
[6] https://globalnews.ca/news/10779404/bc-election-conservative-rustad-housing-policy/
[7] https://www.theorca.ca/commentary/rob-shaw-on-housing-affordability-bc-conservatives-and-ndp-offer-two-very-different-solutions-9582591[8] https://bcgreens2024.ca/wp-content/uploads/2024/09/BCGreens-Seniors-2024.pdf
[9] https://bcgreens2024.ca/wp-content/uploads/2024/09/BCGreens-Housing-2024.pdf
[10] https://www.conservativebc.ca/_get_bc_building_john_rustad_unveils_bold_plan
[11] https://www2.gov.bc.ca/gov/content/housing-tenancy/local-governments-and-housing/housing-initiatives/pro-active-planning
[12] https://www.radionl.com/2024/02/09/114602/
[13] https://www.mltaikins.com/real-estate/bill-44-housing-statutes-residential-development-amendment-act-now-in-force/
[14] https://chbabc.org/wp-content/uploads/2023/12/Housing-Bill-44-SSMU-Nov-2023.pdf
[15] John Rustad address to municipal officials at UBCM24
[16] https://vancouversun.com/opinion/op-ed/tamara-white-bill-44-is-an-important-driver-in-delivering-the-homes-that-people-want-need-and-deserve
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