David Eby and the BC NDP made a big campaign promise on Wednesday morning.
Eby unveiled his Opening Doors to Homeownership plan, aimed at helping first-time homebuyers.
The BC NDP leader said the plan would help eligible families purchase their first home, with the province financing 40 per cent of the price.
“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,” Eby said in a statement.
“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.”
In the BC NDP plan, residents will be able to buy units at 60 per cent of market value.
The contribution from the provincial government is repaid, along with a share of the appreciation, when the owner sells the unit, or after 25 years, the party explained.
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The plan commits up to $1.29 billion per year in financing.
The proposal uses the same model as a project Eby recently announced with the Musqueam, Squamish and Tsleil-Waututh First Nations.
The Rustad Rebate would allow renters and homeowners to reduce their income subject to provincial income tax by up to $1,500 a month for housing costs in 2026. The rebate would rise by $500 a year to $3,000 a month in 2029.
Rustad was not clear on where the money for the rebate would come from and said his party needs time to look at the budget.
The BC Greens said the government needs to be held to account on housing and its promises.
— with files from The Canadian Press
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