BC BUDGET: NDP pushes for purpose-built rentals in ‘historic’ $1.6B investment

Hundreds of thousands of new low- and middle-income units coming over three years

The province is bringing in stronger protections for renters and put millions into new rental properties in an attempt to combat the minuscule rental vacancy rates in B.C.’s urban centres.

The 2018 budget rolled out $1.6 billion for affordable housing over three years as part the province’s previously announced $6-billion commitment to build 114,000 units over the next decade.

The funding is heavily back-loaded, with $243 million in 2018/19, $594 million in 2019/20 and $784 million in 2020/21.

MORE ON BC BUDGET: NDP cracks down on speculators, hidden ownership

Over those next three years, $378 million will build 14,000 homes for “the missing middle,” or the skilled workers that NDP Finance Minister Carole James said are choosing other places to work after seeing the cost of housing in B.C.

Low-income and social housing continued to be a focus, with 2,500 new modular homes, $550 million in social housing for off-reserve Indigenous people, and $141 million to house women and children fleeing domestic violence.

“It’s the beginning of a long road of investment,” said CEO Bev Gutray of the Canadian Mental Health Association of the modular homes. “They’re going to provide housing with 24-hour-[a-day] staffing support. That’s really good news for lots of people.”

To encourage more rental units, starting in 2019, the province will mirror property tax exemptions provided under municipal revitalization agreements for qualifying purpose-built rental housing. In prior years, purpose-built rentals still paid provincial taxes. It will also exclude purpose-built rentals from paying school taxes.

READ: New rental building in Surrey sees nearly 2,000 applicants for 97 units

Cooperative Housing Federation of B.C. executive director Thom Armstrong said he was “extremely happy” with the budget.

“We think that’s a critical measure,” said Armstrong. “The stimulation of the rental housing sector has been a key part of our plan.”

The province will commit $5 million over three years to pay for housing need assessments for local governments to make sure that housing gets built where the need is greatest.

The government is also looking to move students out of the tight housing market by helping post-secondary institutions build 5,000 new student beds on campus. The money will come from a $450-million student housing fund that allows universities and colleges to borrow directly from the province.

No renters’ rebate

Renters who manage to find a home in B.C. will find it easier to keep it, James said.

The province will look into stronger, although so far vague, protections for renters forced out by “renovictions.”

There was no mention of the $400 a year renters’ rebate, much touted during the campaign – only a vague promise to review the homeowners’ grant program to make it fairer for renters.

More low-income renters will be captured by a higher threshold for the Rental Assistance Program. The province said a new $40,000 limit – a $5,000 increase – will add 3,200 more households to the program.

Seniors reliant on the Shelter Aid for Elderly Renters program, meanwhile, will receive about $930 more per year.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Saturday tour explores creek ecosystem

How about a walkabout on Penticton Creek?

Needle disposal boxes being installed in Penticton

City announces safe ‘sharps’ disposal plan

B.C. man facing first-degree murder charge in death of Belgian tourist

Amelie Sakkalis’ body was found on Aug. 22 near Boston Bar

Accused drug smuggler appears in Penticton court

A man accused of bringing drugs across Osoyoos border appeared in court

‘Fire tornado’ erupts as firefighters battle interior B.C. wildfire

Firefighters near Vanderhoof were taken by surprise

Who’s running in Penticton’s election?

Candidates for the Penticton municipal and school board election

Trudeau upset after meeting with Saskatchewan chiefs

Trudeau is upset about how time was managed in a recent meeting

Abdelrazik torture lawsuit delay would be unconscionable: lawyer

The federal government is making a last-minute plea to delay the Federal Court hearing

Vernon police respond to accusation of delayed 911 action

Vernon RCMP are working with Westshore Estates residents following complaints of delayed 911 response.

B.C. tent city ‘devastated’ after flash flood

Maple Ridge mayor says that residents shouldn’t have to return to their flooded tents

Filipino-Canadians concerned about family after typhoon hits Philippines

Typhoon Mangkhut has killed 66 people in the Philippines and four in China

Ottawa looks at having retired judge help guide renewed pipeline review process

The feds would only says that ‘multiple options were on the table’

Canada bans use of trans fats in food products

Trans fats are know to cause heart disease

Most Read