10/10/2024
Debby Rai from Connect FM highlights how housing has emerged as the main issue as the 2024 B.C. provincial election race heats up. The public demands affordable housing, and they want it now. Major parties are aware of the public's frustration with the high cost of living, especially in Metro Vancouver, where housing is a major concern. Party leaders know that offering credible housing solutions is key to winning the election.
Both the BC NDP and BC Conservatives have made significant housing promises this past week. David Eby of the BC NDP announced funding to cover 40% of the cost of market housing for 25,000 new units, with a commitment of $1.29 billion over five years. The government would offer parallel financing, with buyers repaying the loan plus 40% of any future capital gains from a sale.
On the other side, BC Conservative leader Rustad introduced the "Rustad Rebate," a provincial tax rebate on monthly rent or mortgage interest, starting at $1,500 per month in 2026 and increasing by $500 yearly until 2029, costing around $3.5 billion annually once fully implemented. However, households earning over $250,000 may be excluded.