BC’s New Housing Action Plan: Homes For People
The British Columbia government has recently released a new housing action plan called “Homes For People”. While some of the plan’s commitments have been announced before, there are some new policies that are worth noting.
The housing action plan includes three significant announcements that will impact housing supply. The province plans to introduce legislation in the fall to allow more Missing Middle units on a single-family detached lot, depending on its size or type. Additionally, legislation will be introduced to allow secondary suites in every community in BC, and homeowners can access a forgivable loan of up to $40,000 over five years to renovate their homes. This loan can be forgiven if the homeowner meets all program conditions.
To improve the housing-related permits and approvals process, a single window application process will be launched in 2023, covering all permits overseen by the province. This will help speed up the process and eliminate the need for multiple applications across different ministries.
The plan also includes tax and compliance efforts, such as a tax on property sales proceeds based on the initial purchase date and the possibility of expanding the Speculation and Vacancy Tax to more areas with low vacancy rates. The government will also step up compliance efforts to ensure that individuals are following the rules.
The province aims to connect more people to construction-related skills and training with the Future Ready Plan, set to be released in spring 2023. This plan will help people find and advance their careers in the construction sector.
Finally, the housing action plan includes policies that will impact rental housing, such as exploring new ways to build and maintain purpose-built rental buildings, making the renter’s tax credit permanent, increasing funding for the BC Rent Bank, and mandating more data-sharing by short-term rental platforms.
Overall, the “Homes For People” housing action plan contains a range of new policies and commitments that could significantly impact housing supply and affordability in British Columbia. Only time will tell how effective these policies will be in practice and whether they will be enough to address the ongoing housing crisis in the province.