The British Columbia Real Estate Association (BCREA) welcomes the federal government's commitment to address housing affordability challenges outlined in Budget 2024.
Canada's Housing Plan
Budget 2024 introduces a comprehensive Housing Plan with a target of creating 3.87 million new homes by 2031. The plan focuses on three key areas:
- Increased Housing Supply: Measures include a temporary tax break for apartment construction and expanded access to the $55 billion Apartment Construction Loan Program for provinces with ambitious housing plans like BC Builds.
- Homeownership Measures: The Home Buyers' Plan (HBP) limit is proposed to increase from $35,000 to $60,000, and 30-year mortgages become available for first-time buyers purchasing new homes.
- Rental Affordability Measures: A $1.5 billion Canada Rental Protection Fund aims to preserve existing affordable rentals and support new ones. Budget 2024 also allocates an additional $1 billion to the Affordable Housing Fund.
BCREA Supports the Plan, Calls for Collaboration
BCREA applauds the federal government's focus on housing affordability. However, the plan's success hinges on effective implementation and collaboration with stakeholders. BCREA emphasizes the need for:
- Supporting Policies: Additional policies are needed to address potential inflationary pressures and ensure efficient plan rollout.
- Construction Capacity: Concerns exist regarding the construction industry's ability to meet ambitious housing targets. Prefabricated housing could be a key solution.
- Evidence-Based Approach: BCREA advocates for data-driven policies that genuinely improve housing attainability for British Columbians.
BCREA remains committed to working with all levels of government to ensure the Housing Plan delivers meaningful results.
Source: BCREA
