B.C. Finance Minister Selina Robinson following her budget speech in the legislative assembly at the provincial legislature in Victoria on April 20, 2021.British Columbia is relying on pending changes to Canada’s mortgage stress test to tamp down demand in its heated housing market, with theopting out of any new real estate taxes in favour of continuing to fund more supply.
Meanwhile, Ms. Robinson said, the NDP government is continuing its decade-long plan to build 114,000 new units of housing for families earning a median household income or less, Indigenous people, students, homeless people, and women and their children fleeing domestic violence. She said Tuesday that 26,000 units are now complete or under way. That tally was 23,000 last February,The New Democrats originally budgeted $6.
“We’re driving our major cost of living to grow our economy and our earnings are not keeping pace,” said Prof. Kershaw, who founded the Generation Squeeze group aimed at increasing the equity for younger people.Prof. Kershaw said B.C. should increase its surtax on luxury homes to invest into funding more rental and co-op housing.
“It’s safe to say affordability has worsened during the course of the pandemic and we’ve got so many more people priced out of home ownership – that puts tremendous pressure on the rental market,” she said.
Because governments can not impact this problem in any significant way.
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