Premier David Eby and Housing Minister Ravi Kahlon released the new Homes for People plan focused on increasing housing supply, housing affordability, and addressing speculation. Government will invest more than $4 billion over three years, and commits to invest $12 billion over the next 10 years.
The plan will run under four pillars:
- Unlocking more homes faster
- Delivering better, more affordable homes
- Supporting those with the greatest housing need – includes a new renter’s tax credit
- Creating a housing market for people, not speculators – includes the implementation of a “Flipping Tax” as well as stricter enforcement on short-term rentals
It is expected that enabling legislation for provincial zoning, the flipping tax and a rebate program will be introduced in the fall.
Of particular interest to you in the plan may be the following:
STRICTER ENFORCEMENT ON SHORT-TERM RENTALS Online platforms have diverted thousands of rental homes onto the short-term rental market. While many municipalities have passed by-laws regulating short-term rentals, enforcement is difficult, and the challenge is complex, as some resort-based communities depend on short term rentals to support local tourism. Improved compliance with local by-laws by both the hosts and the platforms is needed, and the Province will introduce measures to make that happen. For example, mandating more data-sharing by the platforms would help municipalities to better enforce their bylaws. We have already done significant work with municipalities on this issue, and we’ll continue to work collaboratively with local governments to ensure short-term rental platforms play by the rules – and help stem the flow of much-needed long-term rental homes into that market.
As always, let us know if you have any questions,
Here is the full plan: https://news.gov.bc.ca/files/Homes_For_People.pdf
Here is the full news release: https://news.gov.bc.ca/releases/2023HOUS0019-000436
Here is the full announcement: https://www.youtube.com/watch?v=TtXqZA6KGJM