Affordable housing has been an important issue in West Vancouver-Sea to Sky. The BC Liberal Government has worked to address some of the challenges both by supporting rental housing projects and by implementing policies to help buyers and to address market distortions.
BC is a highly desirable place to live, work, and raise a family. High demand for housing has increased the value of homes and resulted in affordability challenges for too many British Columbians.
The BC Liberal government has taken strong action to address these challenges, including investing to create almost 5,000 new affordable housing units, and imposing a 15% tax on foreign buyers. We are fine tuning the Foreign Buyers Tax and recently made modifications to exclude people coming to BC on work permits.
In West Vancouver-Sea to Sky, I have worked with volunteers, Sea to Sky Community Services, and other levels of Government to build 32 units of affordable housing for low and moderate income individuals and families.
For those who are looking to buy their first home, we have initiated the BC Home Partnership to help qualified British Columbians buying their first home. They can now borrow up to $37,500 interest and payment free for the first 5 years. The BC Home Owner Mortgage and Equity (BC HOME) Partnership will enable more British Columbians to start building their nest egg by giving them a hand up with that down payment for their first home.
Since 2001, the B.C. government has invested $4.9 billion to provide affordable housing for low income individuals, seniors and families.
I will continue to work on affordable housing in the growing Sea to Sky region, and work to ensure the people who want to live here can afford to do so.