BC United Leader Kevin Falcon (image credit - Global)

By Michael Reeve

BC UNITED HOUSING PLAN

‘You have to make it less expensive’; BC United outline housing plan ahead of 2024 provincial election

Feb 15, 2024 | 7:00 PM

KAMLOOPS — On Thursday (Feb. 15), two days after the NDP government announced its B.C. Builds campaign, the opposition outlined the first four planks of its BC United housing plan. The four pillars cover rent-to-own, the removal of the property transfer tax for first time home buyers, use of public land for more housing, and the elimination of provincial sales tax on residential construction.

After stating the party would immediately repeal B.C. Builds if it forms government this fall, Kevin Falcon and BC United outlined what they believe will stabilize the housing sector and allow the younger generation to enter the market.

“If you want more affordable housing, you have to make it less expensive. You are not going to get there when you try to have government build the housing, or government be the developer, or government come up with these complex programs nobody can figure out,” Falcon said at a Victoria press conference unveiling the plan.

One of the key planks is the removal of the property transfer tax for first time home buyers on purchases under $1 million. That move is countered by the NDP, who believe it will further stress the market which is dealing with limited supply.

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“At a time when you have limited supply and you are trying to increase the demand, what that means is a disaster for housing prices. I don’t think they have fully thought through the policy. I certainly really hope they reconsider that, in particular,” said NDP Housing Minister Ravi Kahlon.

Kamloops-North Thompson MLA Peter Milobar said that opposition is indictive of the NDP’s governing style.

“This is a government that is saying it’s going to make things worse by having young professionals, people trying to help our healthcare system, and first responders get into the housing market and actually own something,” said Milobar. “That I think speaks volumes about how this government has treating housing to this point. Our view of the world is that will actually help incentivize builders to get more projects moving.”

BC United is also looking to create a ‘rent-to-own’ program, which would allow people to generate a down payment will living in their new home.

“We know that the hardest thing for you to get into the housing market is the down payment,” said Milobar. “Trying to save for that while paying rent is next to impossible. You can qualify for a mortgage but you don’t qualify because you don’t have a down payment. That coupled with removing the property transfer tax on properties up to $1 million will really invigorate that younger generation to get into the housing market and see a future in B.C.”

The one place where the NDP and United plans are similar is in the use of government and municipal land to bolster the housing supply.

“We are saying their approach is not working. We would have a different set of criteria and ways for non-profit and private sector builders to get into the purpose-built rental housing market. That would be providing below-market rents for the people who desperately need that type of housing as well,” said Milobar.

The BC United plan would also remove the PST on residential construction, something the private sector has been asking for.