Housing Central’s Budget 2022 Submission: More Investments Needed!

  15 February 2022

B.C. Budget Day is February 22, 2022, and Housing Central will be following the release closely for new investments in—and commitments to—community housing in our province.

Last fall, BC Non-Profit Housing Association and the Co-operative Housing Federation of BC summited our Budget 2022 consultation paper (pdf). We recommended that the Select Standing Committee on Finance and Government Services consider the following proposals to strengthen housing affordability in BC:

  1. Move up $4.2 billion in housing supply investments so it can be spent immediately. The provincial government has $4.6 billion planned in housing investments between 2022 and 2028, we would like to see $4.2 billion of that money moved up to the 2022-2023 budget cycle to address immediate needs.
  2. Commit $500 million in capital funding to develop a provincial rental housing acquisition strategy, that helps non-profit and co-operative housing providers in the community housing sector to acquire rental housing stock as it comes up for sale on the market.
  3. Dedicate $10 million to off-set Property Transfer Tax on land lease renewals to preserve current levels of affordability for homes on land with expiring land leases in 2022-2023.

Taken together, these proposals will ensure that British Columbians have increased access to affordable housing and that their housing is affordable, safe, and in a livable state of repair. Protecting existing stock, preserving affordability, and building new stock are the only ways to ensure that the dial is being moved on housing affordability.

Housing Central

Housing Central is a strategic alliance between BC Non-Profit Housing Association (BCNPHA) and the Co-operative Housing Federation of BC (CHF BC). Our mission is to strengthen and grow the community housing sector so all British Columbians have a safe, secure home they can afford.