BC United releases “United to Fix Housing” Plan
Folks, the housing crisis is affecting so many of my constituents in Columbia River-Revelstoke.
Today, BC United released United to Fix Housing, the first plank in Kevin Falcon’s sweeping new plan to fix the NDP housing crisis.
“Under David Eby and the NDP, B.C. has the highest cost of living in Canada, and more British Columbians than ever have been shut out of the housing market,” said Kevin Falcon, Leader of BC United. “To make housing more affordable, we need to make it less expensive — it’s that simple. Our plan, United to Fix Housing, outlines the initial bold, and comprehensive measures we will take to fix the housing crisis and bring the dream of homeownership back within reach.”
Under Kevin Falcon, a BC United government would:T
Establish a new Rent-to-Own program to unlock homeownership: This innovative program will require developers of new housing to set aside up to 15 percent of homes in participating projects for eligible British Columbians who are first-time buyers only. These qualified buyers will take possession and reside in the home for three years at which time the sale will officially complete. During these three years, participants will pay rent at market rates, with 100 percent of payments being applied toward their down payment — helping renters become homeowners.
Eliminate the Property Transfer Tax up to $1 million to help buyers save: BC United will eliminate the Property Transfer Tax for first-time buyers on properties valued up to $1 million —saving people up to $18,000 and making it more affordable to purchase a home.
Use empty public land to build affordable housing: BC United will offer non-profit and market homebuilders 99-year leases on unused public land at one dollar per year. In exchange, we will require builders to construct below-market rental housing for families and seniors.
Eliminate the PST on residential construction to build more homes: BC United will eliminate the Provincial Sales Tax (PST) on all new residential construction to make it cheaper to build more homes.
“Fixing the housing crisis requires bold ideas and outside-the-box thinking. That’s what BC United is bringing to the table with this plan to help restore the dream of homeownership in our province,” added Falcon. “Our innovative Rent-to-Own program will turn renters into homeowners by converting rental payments into savings for their downpayments; and when we cut the Property Transfer Tax for first-time buyers, they’ll immediately save up to $18,000 on their first home — reducing their upfront costs and further easing access into the housing market.”
“If we want to make homeownership possible again, we need to reduce costs and build a lot more homes,” concluded Falcon. “By eliminating the PST on all new residential construction and by building affordable housing on empty government land, we’ll make it less expensive to build more homes for families.”
Backgrounder:
https://www.bcunitedcaucus.ca/wp-content/uploads/2024/02/United-to-Fix-Housing-FINAL.pdf