Province maintains historic commitment to affordable homes for British Columbians

  23 February 2024

BC Budget 2024 includes modest spending increases in previously announced provincial housing measures.

British Columbia continues to lead the country in housing investments to benefit low- and moderate-income households. CHF BC, CLT, and the rest of B.C.’s community housing sector is pleased to see these investments maintained and, in some cases, increased.

BC Budget 2024
Summary of Housing Commitments

👍🏽 Highlights

Initiatives that will continue to benefit British Columbians including current ad future housing co-op members include:

👎🏽 Room for Improvement

The government could have magnified the impact of its housing strategy by:

  • Increasing the benefits available under the SAFER and RAP programs.
  • extending the Property Transfer Tax exemption to purpose-built rental buildings purchased with assistance from the Rental Protection Fund.  This would provide the Fund with an additional $30M to preserve affordable homes for tenants in those buildings.
  • providing property tax relief for non-profit housing providers, including co-ops.
  • redirecting the modest renter rebate and additional homeowner grant allowances to supportive housing initiatives.

Next Steps

CHF BC, CLT, and the rest of B.C.’s community housing sector will be looking to the government’s upcoming election campaign platform to address these gaps in the current strategy. Stay tuned for more advocacy!

Media Coverage

Budget 2024: B.C.’s big deficit budget seems to double as David Eby’s election platform: Critics
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The B.C. NDP’s election-year budget is expected to see a large deficit fuelled by big spending.

Where’s the Big Vision in the BC Budget?
The Tyee

There are positive measures, but little boldness in improving life for British Columbians.

Budget 2024: B.C. introduces new home-flipping tax
Business in Vancouver
Tax measures and funding to BC Builds are the main focus for housing in this year’s provincial budget.

B.C. Budget 2024: Rebates, credits, small businesses relief in election year [Video]
CTV News

B.C. Budget 2024: Big deficits with big spending [Video]
Global News