WHEREAS housing is becoming increasingly unaffordable in many areas of the province due to a range of factors, including speculation, the rising cost of land and strong demand driven by population growth; AND WHEREAS rental housing, which provides housing affordable to a wide range of tenants with low or mid-range annual incomes, has not been built in large volume since the end of provincial and federal programs, resulting in record low vacancy rates in many areas; AND WHEREAS Premier Christy Clark has recently acknowledged the severity of the problem for renters and first-time home buyers, promising to consider options available to make housing more affordable: Therefore be it resolved that the Province develop and implement a comprehensive housing program, including measures to stimulate rental housing construction, maintain existing rental housing, reduce speculation, increase investments in social and non profit housing and expand opportunities for first-time home buyers.
Ministry of Finance We fund innovative programs that build affordable rental housing though the private and non-profit housing sectors. Combined with our enhanced rental assistance programs, we are seeing an increase in the rental stock, creating more affordable rental options. B.C. has a number of programs that help keep homeownership affordable for British Columbians, such as the Homeowner Grant and the First Time Home Buyers Program. Through Budget 2016, the Province announced new data collection measures that will also contribute to greater understanding of what drives growth in B.C.s real estate market. Budget 2016 also introduced a number of measures designed to stimulate supply of new housing, assist purchasers and invest in affordable housing such as the Newly Built Home Exemption which provides up to 13,000 in property transfer tax relief to buyers of newly-constructed housing used as a principal residence. A key aspect to improving housing affordability over the long-term is creating new supply. Government is acting to help the market respond to increasing demand for homes. Governments at all levels need to work together to ensure there is an adequate supply of affordable new construction, particularly multi-family housing. The Province urges municipal leaders and regional directors, who are responsible for planning, zoning and development regulation, to use the tools at their disposal to support the Provinces efforts and further the creation of new housing supply.