File photo (Image credit: CFJC Today).

By Dan Coulter, MLA for Chilliwack

SOUND OFF

SOUND OFF: Government bringing more housing to B.C. in new budget

Feb 28, 2024 | 10:30 AM

LAST WEEK, MY COLLEAGUES AND I returned to Victoria for our first week back in the legislature. Our government presented our Throne Speech and Budget 2024, which lays out our priorities for a stronger British Columbia that focuses on the things that matter most to British Columbians.

My colleagues and I know that housing is a top priority, and we are taking action.

We’ve already taken action to address the housing crisis by getting more British Columbians into homes, faster, with our Homes for People plan. This year’s budget details even more measures to strengthen our housing supply and help British Columbians afford a home. We’re addressing housing pressures by committing to affordable housing, accelerating housing construction and tackling speculation-driven price inflation.

Budget 2024 takes aim at speculative behaviour by introducing the BC Home Flipping Tax, which takes effect on Jan. 1, 2025. We know that right now, we need our housing supply for homes, not so speculators can make a quick buck. This tax targets speculators by taxing profits from the sale of residential properties within two years of purchase. We understand that not everyone selling their home within two years of purchase is in the same position, and exemptions are in place for life circumstances like divorce, death, illness, and work-related relocation. Revenue generated from this tax will be channeled directly into building affordable housing across the province.

Recognizing the challenges faced by homebuyers, especially first-time home buyers, we’re adjusting the First Time Homebuyers’ Program to reflect the current housing market. We’re increasing the threshold to $835,000, with the first $500,000 being tax-exempt, saving buyers up to $8,000. Additionally, purchasers of newly built homes valued up to $1.1 million will also benefit from reduced costs through a new exemption. To incentivize the construction of rental units, purpose-built rental buildings with four or more units will benefit from a property transfer tax exemption until 2030.

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To make sure that more middle-income families and people in B.C. are getting into homes they can afford more quickly, our government introduced BC Builds which recently got a $2 billion boost from the federal government. Budget 2024 gives the program another boost, with $198 million in new funding. We’re expediting the development of housing for middle-income individuals and families by leveraging government-owned and underused land, coupled with low-cost financing and streamlining construction processes, delivering much-needed housing within 12 to 18 months.

In addition to these new initiatives, we’re continuing to invest in programs from our Homes for People Plan that have already contributed to over 78,000 homes delivered or in progress since 2017. Overall, Budget 2024 underscores our multifaceted approach to addressing the housing crisis and creating a more inclusive and sustainable housing landscape in the province, fostering stability and opportunity for residents.

Housing is only one piece of our commitment to British Columbians, and Budget 2024 lays out how we’re addressing other pressing issues like the cost of living, climate change and emergency management, creating a clean and strong economy, and healthcare. These measures are part of a suite of actions the B.C. government is taking to tackle housing challenges head-on: fighting speculation, accelerating housing construction and building record numbers of homes.

To learn more about Budget 2024 visit https://www.bcbudget.gov.bc.ca/2024/default.htm

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Editor’s Note: This opinion piece reflects the views of its author, and does not necessarily represent the views of CFJC Today or Pattison Media.