New Legislation Aims to Keep Home Ownership Dream Alive in Vancouver Area
Prince George, B.C.- New legislation has been introduced in BC’s legislature aimed at cooling off the housing market in the lower mainland.
Premier Christy Clark says the legislation is aimed at keeping the dream of owning a home in B.C. alive . She says the legislation will “Put British Columbians first” , and make sure they have a “Better crack at buying a home”. She says she wants to keep the dream of home ownership alive for the middle class.
Much of the legislation is aimed at the Greater Vancouver market, however, Finance Minister Mike deJong says the legislation contains mechanisms to expand to other communities.
The legislation has four components:
- 15% transfer tax on property sales to foreign nationals, it takes effect August 2nd.
- $75 million fund of proceeds from that additional transfer tax will be used to create a Housing Priority Initiatives Fund for provincial housing and rental programs.
- Amending the Real Estate Services Act to protect consumers
- Amending the Vancouver Charter to allow that city to implement a vacancy tax to increase rental supply.
” British Columbia is the number one economy in Canada by a long shot” says the Premier “Thousands of people are coming to our province to make their life here, find a job, raise a family and buy a home, and so today we are taking measures to ensure home ownership remains within the reach of the middle class and we continue to put British Columbians first.”
Premier Clark says there is more to do on this issue “You will see more changes coming as the months go on.” She says the changes will be based on the six principles she has outlined:
- increasing housing supply
- linking communities together better with smart transit investments
- supporting first time homebuyers who are trying to crack into the market
- protecting consumers from shady practices
- increasing rental supply
- keep that dream of home ownership alive for the middle class.