The BC Budget, released today by Minister Falcon and the BC Government, detailed strong measures that will support affordability and construction in the residential sector. Minister Falcon outlined in his Budget speech a new ‘First-time New Homebuyers Bonus’ in the form of a $10,000 income tax credit.
The bonus will be available for new homes located within the province to BC residents who have never previously owned a primary residence. Buyers must also be eligible for the BC HST ‘New Housing Rebate’. In combination with the first-time homebuyer’s grant announced today, the supply of new housing is expected to benefit and greater support housing affordability in BC.
UDI Executive Director Maureen Enser said, “It is encouraging to know that the Government has a solid plan to support the provincial economy in the midst of global economic challenges.”
“This initiative will make it easier for families in BC to purchase a new home.” Ms Enser said, “The Government has delivered a strong Budget today that will support housing affordability throughout British Columbia”
The Urban Development Institute is the premier industry body representing over 550 of British Columbia’s leading residential, commercial, industrial and institutional developers. The urban development industry in BC generates $30 billion worth of economic activity and over 250,000 jobs for the Province each year.