British Columbia Commits to New Housing Supply

Ten years ago, the NDP government in British Columbia approved an ambitious 10-year housing plan, including taxes on the most expensive properties, vacant properties, and properties owned by foreign buyers. Now, ten years in, the cost of housing is still climbing, quickly, according to an article by Jen St. Denis, and a new premier administration is pushing for a new direction in housing policy, namely supply.

“B.C. has a new premier — one who led the charge when it came to taxing speculation, but is now emphasizing ‘supply, supply, supply,’” writes St. Denis. “David Eby has particularly focused on zoning, normally a municipal responsibility, and has pushed cities to allow more density.”

At this critical political juncture, the B.C. government has recently produced a budget for 2023 revealing numerous details about the province’s housing policies for the year. Included in the budget, for example, is funding for a new $500 million affordable housing fund, intended for buying somewhere between 2,000 to 3,000 apartments. In addition, the government has pledged $4.2 billion to build new housing over the next three years through a program called BC Builds—a key campaign promise of Premier Elby.

The budget also includes a $400 renter tax credit and $11 million “to implement new legislation introduced in the Housing Supply Act, which included allowing the provincial government to set housing targets in consultation with municipalities and to require them to report on their progress,” according to St. Denis. “Another $57 million is identified over the next three years ‘to unlock more homes through new residential zoning measures and by reducing the time and cost associated with local government approval issues.’”

More details on the housing initiatives underway in British Columbia can be found at the source article below.