B.C. reveals pricey plan to slow housing crisis

VICTORIA - The British Columbia government has introduced a multibillion-dollar plan to construct more homes as quickly as possible in an attempt to build its way out of the housing crisis.

The so-called Homes for People plan starts with a $4-billion investment over three years and commits to $12 billion over a decade with incentives to build, laws to curb speculation and financial help for renters and homeowners.

#HomesForPeople 🔑 Initiatives:
🏠Up to 4 homes on a single family lot in many places in BC

🏠Secondary suites across the province

🏠Action on short term rentals to bring more housing online

🏠New flipping tax

🏠Introducing #BCBuilds to create more housing on govt owned land pic.twitter.com/Po7oaoj8MI

— Ravi Kahlon (@KahlonRav) April 3, 2023

This is in addition to the plan the NDP government introduced in 2018, that it says has built more than 74,000 homes towards a promise of 114,000 units over a decade.

The latest proposal focuses on building more townhomes, duplexes and triplexes through zoning changes, offering forgivable loans for homeowners to build and rent secondary suites at below market rates, and constructing thousands of homes for renters, Indigenous Peoples and students.

More homes will be built near public transit and the government will launch a plan to use public land for construction of affordable homes.

The government says it will bring in a flipping tax to discourage speculation, beef up enforcement of short-term rentals, and streamline and modernize the permit process to cut costs and speed up approvals.

“Actions in the plan also aim to build a housing market that puts people ahead of profit with measures to crack down on speculators and profiteers and get the proceeds of crime out of the real estate market,” the government says in a news release.

Reducing homelessness is a key part of the plan, with a proposal to add 3,900 new supportive housing units and 240 complex care spaces.

It will also include teams designed to quickly respond to encampments and support those who are living outdoors.

Some municipalities in B.C. still don't allow secondary suites, but the government says that will change.

"Starting later this year, legislation will be introduced to make secondary suites allowed in every community in the province. In addition, in early 2024, homeowners will be able to access a forgivable loan of 50 per cent of the cost of renovations, up to a maximum of $40,000 over five years," the government says.