HOMEBUYER INCENTIVES A GOOD FIRST STEP BUT BRITISH COLUMBIANS NEED MORE HOUSING OPTIONS
The Urban Development Institute commends the Provincial Government announcement yesterday that provides first-time homebuyers with a five-year interest and payment-free loan, up to $37,500, to enter the housing market in BC. About 42,000 residents are expected to benefit over the next three years.
“This down-payment support from the provincial government is a great start. With applications for the program starting in January, what a way to ring in 2017 for first-time homebuyers,” says UDI President & CEO Anne McMullin. “Taking some of the $2B government windfall from the property purchase transfer tax and re-investing that in young people is the way to go. This saves qualified homebuyers having to save an extra $1,200 a month for five years for a down payment.”
If this means more people going after limited housing options, then “we need to create more supply,” she added. “British Columbians keep telling us we need more types of housing, not just condo towers or single family homes. People want three-bedroom townhomes, duplexes, and other options to support growing families. We all have to share in that responsibility and partner with all levels of government, housing providers and rental agencies to build these faster so people can purchase their own homes with this new provincial program.”
Premier Christy Clark said housing supply and lengthy municipal approval processes for building multi-family homes continue to be a challenge across the region. UDI is committed to solutions which will help increase the supply of affordable homes to British Columbians.
More detail on the new B.C. Home Owner Mortgage and Equity Partnership program can be found here.
Anne McMullin, President & CEO is available for media interviews.