The Province continues to act to address housing supply and improve housing affordability for middle-class B.C. families. Government has committed $920 million to support the creation of over 5,300 affordable housing units. Leading up to Budget 2017, government committed an additional $65 million to fund another 380 affordable housing units to house the homeless and those with mental health or substance use issues. The BC HOME Partnership program, launched in January 2017, will provide more than $700 million in repayable down payment assistance over the next three years to help over 42,000 individuals and families get into the housing market for the first time.
As well, the threshold for the first-time homebuyers’ program will be increased to $500,000, saving first-time buyers up to $8,000 in property transfer tax on the purchase of their first home.
The Province is investing in priority housing initiatives:
- Increasing the threshold for the first time homebuyers’ exemption to $500,000, saving first-time buyers up to $8,000 in property transfer tax
- $700 million in mortgage assistance loans through the BC HOME Partnership program supporting an estimated 42,000 first-time home buyers over three years
- $65 million to fund 380 housing units in support of the homeless, including individuals with mental health and substance use issues – a total commitment of $920 million supporting almost 5,300 units of housing
- Rental assistance programs for low-income families and seniors support over 33,000 households each year