Driving forward, Today's BC Liberals will:
We will take action with a comprehensive 10-year plan for affordable housing:
A BC Green government will:
Housing prices reached new highs during the past year, making the dream of ownership more difficult. The BC Liberals want to spend billions on interest-free loans, which place a heavy burden on taxpayers while further inflating home prices and put our economy at risk of a 2008 style sub-prime mortgage crisis. A safer and less costly way to keep home prices reasonable is to increase supply. Bringing new housing stock to market is restrained in numerous ways. For example, over 80% of the land in Vancouver is zoned for single-family residential only. By relaxing or removing these restrictions, we can free up the market to provide more housing at lower cost.
Work with municipalities to reduce development costs, streamline building permit processes, and simplify and accelerate rezoning
The YPP believes that the cost and availability of homes in BC is directly affected by government regulation.
The YPP will Remove BC income tax from rental income to encourage people to create rental properties, remove the property transfer tax that consistently drives up the price of a home every time it transfers ownership, remove restrictions on secondary suites and minimum home sizes so that higher density homes can be available at a lower cost, and work with developers to ensure that big box retail and large industrial developments also include high density residential.
Extravagant incomes of some foreign buyers has allowed the housing market to skyrocket. Purchases of homes and land should be restricted to Canadian residents and in some cases to BC residents. Reduce taxes and fees connected with building and/or purchasing a home. These fees account for almost 37% of the cost in the lower mainland.
Accordingly all overseas residents would be banned by the party from buying residential housing property in the Lower Mainland of BC from the date of the BC election on May 9th 2017. In addition all current overseas owners of the estimated 50,000 empty or infrequently used homes on the Lower Mainland will be required to sell their homes within 12 months of the election. These sales must occur at public auctions, with a requirement that the properties can only be sold to individual citizens (excluding private companies and corporations) with any intermediate ‘in trust” ownership declared illegal. Unsold residential properties at the end of 12 months would be forfeited to the BC Government.