Rich Coleman, Minister Responsible for Housing, made the following statement in response to the federal government’s announcement of new home ownership lending and taxation measures:

“The changes announced by the federal government include measures we have asked for, and they are welcome steps that may help provide further fairness and stability in the market for home-buyers.

“We hope this also reflects an increasingly strong focus by the federal government on the issue of housing affordability – both market and rental housing – across the country, and is a signal that we will soon hear more about the funding the federal government will contribute to construct more new homes through a National Housing Strategy.

“It’s essential that all levels of government – federal, provincial and municipal – work to address this challenging issue.

“The B.C. government has committed $855 million this year to support the construction of rental housing throughout British Columbia, in addition to other housing affordability actions, including:

• Implementing a 15% additional property transfer tax that applies to foreign purchasers of residential real estate in Metro Vancouver;
• Strengthening consumer protection in British Columbia's real estate market through increased oversight and accountability of real estate licensees;
• Introducing a new luxury tax on properties that sell for more than $2 million; and,
• Introducing a Newly Built Homes exemption, which has helped nearly 5,500 families save an average of $7,600 on their newly built homes.

“We will continue to be guided by six principles as we work to address housing affordability:

• Ensuring the dream of home ownership remains within the reach of the middle class;
• Increasing housing supply;
• Smart transit expansion;
• Supporting first-time home buyers;
• Ensuring Consumer Protection; and,
• Increasing rental supply.

“We are taking meaningful steps to address housing affordability challenges in British Columbia. In the coming months, we will announce additional measures to address housing affordability challenges and supply. As we move forward, we will work with community partners and all levels of government to continue to put British Columbians first.”