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

Terrace users on Facebook post warnings about vehicle break-ins

RCMP say it’s important to always lock your doors

Oil tanker ban to be reviewed by committee

Indigenous groups for and against Bill C-48 travel to Ottawa to influence the Senate’s decision

Supportive housing project delayed until end of winter

Rainy conditions have stalled groundwork for the 52-unit development on Olson Avenue

Tyler Dozzi breaks national record, ‘running like a madman’

Terrace runner sets new time in Boston in his last U20 race

B.C’s salmon advisory council skips Terrace

Public engagement tour excludes all non-coastal communities

Tommy Chong says Canada took wrong approach to pot legalization

He also talked about the likelihood of another Cheech and Chong film

Stranded B.C. trucker writes final wishes before being rescued 3 days later

‘I was just praying someone would come along’

Fashion Fridays: How to change your beauty routine

Kim XO, lets you in on her style secrets each Fashion Friday on the Black Press Media Network

‘Both things are true:’ Science, Indigenous wisdom seek common ground

Reconciliation between Canada and First Nations is playing out not only in legislatures and courtrooms but in labs across the country

B.C. to move salmon farms out of coastal migration route

Broughton Archipelago plan set to start in spring of 2019

Facebook reveals bug gave apps unauthorized access to 6.8 million users’ photos

It’s believed up to 1,500 apps built by 876 developers had access to Facebook Stories, private photos

Lower-than-expected parcel volumes helping cut into backlog, says Canada Post

The Crown corporation says that’s largely because it is taking in fewer holiday parcels than expected

Trapped B.C. crash survivor celebrates second chance at life

“Life is good now. It’s good to be alive.”

Increase in downed power lines in B.C., how to stay safe

BC Hydro study finds a third of British Columbians may be putting themselves at risk

Most Read