VANCOUVER – As the British Columbia election kicks into high gear both parties are tackling high profile issues.
On Sept. 25 B.C. Premier and BC NDP Leader David Eby announced the Opening Doors for Homeownership plan, which aims to finance 40 per cent of the purchase price for those buying their first home.
“Everywhere I go, families tell me they dream of buying their first home – but decades of rampant speculation in the market has put it out of reach for too many. 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,” Eby said in a release.
Land and pre-construction contributions from the provincial government will allow people to buy units at 60 per cent of market value with the provincial contribution repaid along with a share of the appreciation when the owner sells the unit, or after 25 years, financing the next generation of homeowners, a BC NDP release said.
Buyers must secure financing for 60 per cent of the market price and in exchange for the upfront contribution, the province registers a second mortgage at no cost to the buyer for the remaining 40 per cent.
The program will provide financing for up to 25,000 units over the next five years through partnerships with the non-profit and private sectors, the release added.
On Sept. 24 the BC Conservatives released a statement in support of the province’s mining industry and said it will “take immediate action to simplify permitting, cut redundant regulations, invest in rural infrastructure, and foster strong Indigenous partnerships for economic reconciliation.”
“The Conservative Party of BC recognizes the central role played by mining today and will bring common sense change to unlock even more benefits for B.C. in the future,” BC Conservative Leader John Rustad said in the statement.
The BC Conservatives promise to enact a one project, one permit policy, to identify redundant regulations, review tax competitiveness and encourage mining exploration the statement said.
The party also promised to establish B.C. as a global hub for critical minerals and invest in rural B.C. infrastructure.
“Mining presents one of the best opportunities for many First Nations to access jobs, opportunity, and income – moving B.C. forward on the path of economic reconciliation,” Rustad said.
The B.C. election is Oct. 19.
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