BC Green Party Affordable Housing Platform

BC Green Party

Market housing

  • Work with the federal government to introduce measures to eliminate money laundering and international property speculation.
  • Introduce a sliding Property Transfer Tax (PTT) with rates from 0% on the first $200,000 to 12% on property valued $3+ million.
  • Apply the PTT to the transfer of beneficial ownership (the person for whom the property is being held in trust).
  • Introduce a speculation PTT to discourage property flipping.
  • Expand the Foreign Buyers Tax to apply across BC, and increase the rate to 30% in addition to the PTT payable.
  • Tax lifetime capital gains in excess of $750,000 on principal residences.
  • Work with financial institutions and the federal government to develop protections for recent home buyers negatively affected by market cooling initiatives.
  • Transition home owner grants to a system of income-based grants starting in 2019.
  • Introduce a progressive property tax system that imposes a surtax based on property value and allow home owners to credit rental income and their previous year’s BC income tax against the surtax tax.
  • Establish an incentive program for retrofits of commercial buildings.

Rental Housing

  • Invest $750 million per year to help build 4,000 units of affordable housing per year.
  • Work with federal and local governments to make land available to build affordable housing.
  • Work with social housing agencies and federal and local governments to develop and implement a provincial housing plan to increase the supply of affordable rental units.
  • Lead a comprehensive rethink of zoning to ensure it includes affordable housing densification along transit corridors, revitalizing neighbourhoods surrounding schools, cultural and social amenities and complete communities.
  • Invest $100 million in retrofits and renovations of older social housing units.
  • Partner with First Nations, non-profit developers, cooperatives and the private sector to support planning and construction of low income rental units.
  • Introduce incentives to build or convert existing buildings for rental property.
  • Update the Residential Tenancy Act to control rent increases and protect tenants.
  • Work with BC Housing to include private rental properties in their portfolio of affordable housing.
  • Maintain or enhance existing housing support programs to address income security.
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