On April 3, 2023, Premier David Eby and Housing Minister Ravi Kahlon, announced the “Homes for People” plan, which aims to increase the availability of affordable housing in British Columbia. The plan is viewed optimistically by the Stakeholder & Government Relations Committee (SGRC) on behalf of the Fraser Valley Real Estate Board (FVREB), who acknowledge the government’s efforts to address issues of housing attainability and affordability. One of the objectives of this plan is to close the gap between housing supply and demand across the province.
The plan includes the creation of a new housing task force to identify areas of need, and to coordinate housing initiatives at the municipal level. It also outlines the implementation of new zoning regulations to encourage more housing construction to increase density.
The four priorities of the plan include: speeding up delivery of housing; increasing the supply of attainable small scale, multi-unit housing; helping those with the greatest housing needs; and fighting speculation and profiteering. Additionally, the plan will explore new ways to get more rental units built, such as giving homeowners access to a forgivable renovation loan to turn a portion of their home into a suite for the long-term rental market. The government will also work with developers to incentivize the construction of affordable housing options.
Details of the plan include:
- More than $4 billion over the next three years with a commitment to invest $12 billion over the next 10 years to build new homes.
- Delivering more middle-income small scale, multi unit housing that British Columbians can afford, including townhomes, duplexes, triplexes, through zoning changes and proactive partnerships.
- Allowing 3-4 units on a traditional single family detached lot.
- Creating an annual income tested renter’s tax credit of up to $400 per year for renters.
- Offering forgivable loans for homeowners to build and rent secondary suites to increase the rental supply.
- Implementing a flipping tax to discourage short term speculation.
- Speeding up permitting to reduce costs and expediate approvals to get homes built faster.
- Launching a new single window application process for all housing related permits overseen by the province.
- Providing more homes and support for people experiencing risk of homelessness.
Read more here: Homes for People.pdf (gov.bc.ca)
Source: Professional Standards