If the New Democratic Party (NDP) returns to power, outgoing Premier David Eby promises to expand his 40/60 financing program across the province to allow British Columbians to buy their first home.
Many would like to be able to buy a house, but know they cannot afford it. recognizes David Eby.
Our plan is to enable as many British Columbians as possible to realize their dream of having their own home.
A quote from David Eby, leader of the NDP
To do this, the outgoing government plans to expand its funding program announced last week for a first sector of Vancouver, a few days before the election was called.
The program aims to help middle-income families purchase new homes while increasing the supply of housing, reads an NPD press release.
Rental units in Vancouver’s West End.
Photo: Radio-Canada / Justine Beaulieu-Poudrier
Through this program, presented as an affordable housing initiative, eligible citizens will be able to purchase a home at 60 percent of its market value. The province will then register a second mortgage – at no cost to the buyer – for the remaining 40 per cent.
That means a two-bedroom apartment that would normally cost $1 million would be available for $600,000.
Under this program, the provincial contribution is reimbursed when the owner sells the house, 25 years after purchase.
Another aspect is that strict criteria will have to be respected. The Terres de bruyère initiative, which David Eby wishes to expand, is aimed at middle-class citizens or permanent residents who wish to acquire their very first property to make it their main residence.
Income eligible for the Terres de heather initiative
Have a total annual household income of less than $131,950 (in 2024) and household net assets of less than $150,000 to qualify for studio and one-bedroom leasehold units.
Have a total annual income of less than $191,910 (in 2024) and net assets of less than $250,000, to be eligible for housing with two or more bedrooms.
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Outgoing Premier David Eby at the announcement of the BC Builds rental housing program in North Vancouver, British Columbia, in February. (Archive photo)
Photo : Ben Nelms/CBC
The homeownership plan promised Wednesday aims to provide a total of 300,000 new homes in the province over the next decade, including 25,000 in the first five years, with a government envelope of $1.29 billion. dollars per year.
David Eby calls the move an evolution of his Builds BC plan announced earlier this year for the middle class, and plans to partner with non-profits, local authorities, First Nations and partners salespeople to identify land and development projects.
The outgoing prime minister on Wednesday lambasted his conservative opponent, John Rustad, when he was under the Liberal government, which Eby said had turned a blind eye and allowed real estate speculation to run wild.
On the subject of housing, the Conservative leader announced the Rusty rebate earlier this week. The measure promises to ease the tax burden on British Columbians starting in 2026 thanks to a provincial tax exemption of up to $3,000 per month for housing-related expenses.