We need to address housing affordability and supply challenges. Our plan is outlined by six key principles for housing affordability:
- Ensure the dream of homeownership remains within the reach of the middle class.
- Increase housing supply.
- Smart transit expansion.
- Supporting first-time home buyers.
- Ensure consumer protection.
- Increase the rental supply.
As one step toward these goals, the government appointed nine public-interest members to the Real Estate Council of British Columbia. This was done in the interest of increasing accountability and objectivity in fulfilling its role in protecting the public interest. Self-regulation of the industry is ended with these appointments.
Ensuring the dream of homeownership is within reach for British Columbians is very important. Mike is working hard to keep this dream alive. Some of the housing affordability actions he has recently taken include:
Implementing a 15% additional property transfer tax that applies to foreign purchasers of residential real estate in Metro Vancouver;
Strengthening consumer protection in B.C.’s real estate market through increased oversight and accountability of real estate licensees;
Introducing a new luxury tax on properties that sell for more than $2 million; and
Introducing a Newly Built Homes exemption, which has helped nearly 5,500 families save an average of $7,600 on their newly built homes.
Affordable living does not only include purchasing a home. That is why we over the past 15 months, the province invested over $855 million to create close to 5,000 new units of affordable rental housing.