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By Michael Reeve

BC ELECTION 2024

ELECTION ISSUES: Kamloops candidates discuss housing and affordability

Oct 16, 2024 | 5:30 PM

KAMLOOPS — The cost of inflation fell to 1.6 per cent in September, now below the central bank’s target of 2.0 per cent. It comes ahead of the next Bank of Canada key interest rate announcement, with economists expecting another cut from the current 4.25 per cent mark. That, however, is little solace for many British Columbians who have seen their costs increase over the past several years.

British Columbians are facing mounting cost of living pressures, from their rent or mortgage payments, to filling up their gas tanks and stocking their refrigerators. The BC Greens are promising further vacancy controls, while also looking into non-market housing like co-ops and non-governmental housing.

“(Our goal is) to get the most vulnerable people housed — which will alleviate a lot of our crime and even a lot of our addiction issues — but also introducing more cooperative housing so working folks do have an option other than home ownership and a 75-year mortgage,” said Green Party candidate for Kamloops-North-Thompson Tristan Cavers.

The BC Conservatives are promising the ‘Rustad Rebate’, making rent or mortgage payments tax deductible for up to $3,000 per month, but that program won’t begin until 2026.

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“That will result in about $1,800 a year to the average person coming back to them through their income taxes,” said Conservative candidate for Kamloops-Centre Peter Milobar. “That is really one initiative but we are really focused in on trying to have more rental supply, and the (multi-unit residential building) program which is an old program federally that saw a lot of purpose-built rentals built, we would bring back.”

The NDP are campaigning on the backs of the work they have begun while in government over the past seven years, including the speculation tax.

“It has actually brought back about 20,000 homes on the rental market,” said Kamal Grewal, NDP candidate in Kamloops Centre. “We are also focused on building the plan we have right now. ‘Homes for People’ is focused on trying to bring about 300,000 units that are geared towards low-income or middle-income families.”

Grewal noted the NDP government has worked to reduce ICBC costs and remove MSP premiums as a way of helping British Columbians in the face of inflation.

“We have actually reduced the tax rate for small business from 2.5 per cent to 2.0 per cent now,” stated Grewal. “There are also a lot of programs in place to support them to get through this economic crisis as we understand high interest rates are crushing a lot of that spirit.”

After noting that B.C. is just a small player on the grand scheme of global economics, Milobar spoke to reducing the tax burden within the province.

“That is why we are committed to making sure we do a review of taxation, to be as cost effective as possible as a jurisdiction to make sure that our private sector can thrive, which will help employment, which will help the incomes in the average household, as well,” added Milobar.

The Greens and Cavers are looking to ensure that the economy of B.C. can grow to help limit global pressures through better resource management.

“There shouldn’t be any forestry products leaving our province without the maximum value added. We shouldn’t be selling a raw material only to have that same material sold back to us in its finished form,” said Cavers.

Polls will be open on election day from 8:00 a.m. to 8:00 p.m. this Saturday (October 19).

Over the rest of the week, we will cover the issue of the environment and climate change and public safety concerns. Tuesday’s story on health care challenges can be read here.

CFJC will also have election coverage focusing on both Kamloops ridings, as well as the Cariboo-Chilcotin, Fraser-Nicola and Salmon Arm-Shuswap on Saturday night, beginning at 11:00 p.m.