Close X
Tuesday, November 12, 2024
ADVT 
National

B.C. NDP pledges to help middle-income homebuyers with 40% of financing

Darpan News Desk The Canadian Press, 25 Sep, 2024 09:51 AM
  • B.C. NDP pledges to help middle-income homebuyers with 40% of financing

British Columbia's New Democrats have unveiled a plan that Leader David Eby says will help middle-income families purchase a home by financing 40 per cent of the price.

The plan commits up to $1.29 billion per year in financing to help middle-income people buy their first home, while supporting the development of up to 25,000 new units over five years.

A statement from the NDP says the government would partner with non-profit organizations, local governments, First Nations and market-housing providers to identify land and projects for development. 

It says government financing and the use of low-cost land would allow builders to offer units for sale at 40 per cent below market prices, and buyers would need to come up with the remaining 60 per cent.

When the buyer sells their unit, the NDP says the province's contribution must be repaid, plus 40 per cent of the appreciation value of the home.

Eby says he hears from families across the province telling him their dream of owning a home is out of reach.

"Our plan will make that dream come true for thousands of first-time, middle-class homebuyers by substantially reducing the listing price and the mortgage you will pay," he says.

If units under the plan are not sold, the New Democrats say the provincial contribution would need to be repaid 25 years after the date of purchase.

The proposal uses the same model as a project Eby recently announced with the Musqueam, Squamish and Tsleil-Waututh First Nations.

MORE National ARTICLES

Trudeau meets with Haiti's acting prime minister, calls for humanitarian help

Trudeau meets with Haiti's acting prime minister, calls for humanitarian help
Justin Trudeau will turn his focus to the ongoing crises in Haiti as he speaks with some world leaders Monday ahead of the 78th meeting of the United Nations General Assembly. The prime minister met with the Caribbean country's acting prime minister, Garry Conille, on Monday morning before delivering remarks at a high-level meeting for a UN advisory group for Haiti.

Trudeau meets with Haiti's acting prime minister, calls for humanitarian help

Nanaimo RCMP need public's help in cracking down on dangerous driving

Nanaimo RCMP need public's help in cracking down on dangerous driving
Mounties in Nanaimo are asking for the public's help in cracking down on motorcycle riders operating dangerously in the Vancouver Island city. R-C-M-P say they have received numerous reports of riders performing wheelies, driving on the wrong side of the road and driving on sidewalks at high speeds -- and many of the stunts have been filmed, with videos posted to social media.

Nanaimo RCMP need public's help in cracking down on dangerous driving

What To Expect At The 2024 Darpan Awards

What To Expect At The 2024 Darpan Awards
It’s the final countdown for one of the most awaited nights of the year for the South Asian community in Canada—the 2024 DARPAN Extraordinary Achievement Awards, proudly presented by RBC. This year, the celebration is even more special as DARPAN Magazine marks a spectacular 20 years of bringing forth the stories, successes and contributions of incredible South Asians across the world.

What To Expect At The 2024 Darpan Awards

Grain farmers urge intervention as Metro Vancouver terminal workers prep strike

Grain farmers urge intervention as Metro Vancouver terminal workers prep strike
Canada's grain farmers say a strike at Metro Vancouver terminals would cripple crop exports if it were allowed to take place. The Grain Growers of Canada say in a statement that it is "deeply concerned" about a potential strike of grain workers in Metro Vancouver, since about 52 per cent of all Canadian-grown grain went to those terminals last year.

Grain farmers urge intervention as Metro Vancouver terminal workers prep strike

Video shows B.C. Conservative Rustad saying he regrets getting 'so-called vaccine'

Video shows B.C. Conservative Rustad saying he regrets getting 'so-called vaccine'
The NDP has shared a video of B.C. Conservative Leader John Rustad saying he regrets getting the "so-called vaccine" against COVID-19. The video shows Rustad directly addressing a camera and saying vaccine mandates were "not so much" about achieving herd immunity or stopping the spread of the disease as they were about "shaping opinion and control of the population."

Video shows B.C. Conservative Rustad saying he regrets getting 'so-called vaccine'

Crime, disorder take centre stage in B.C. election, but statistics tell complex story

Crime, disorder take centre stage in B.C. election, but statistics tell complex story
David Screech doesn't mince words when asked about street disorder and crime around his business in downtown Victoria. He described vehicle break-ins, people defecating on or near his store property, and someone pulling a knife on an employee in the store's parking lot.

Crime, disorder take centre stage in B.C. election, but statistics tell complex story