BC United's housing platform for the 2024 election includes eliminating PST on new residential construction and a rent-to-own program. The rent-to-own program aims to 'unlock homeownership' for British Columbians by allowing tenants to use their rental payments as a down payment towards owning the home after three years.
Led by Kevin Falcon, BC United's housing platform for the 2024 election includes eliminating PST on new residential construction and a rent-to-own program . BC United's plan — what the party called a 'first plank' — consists of four major actions. The first is the establishment of a rent-to-own program to 'unlock homeownership' for British Columbians. According to BC United, the program will require developers to set aside 15% of homes in 'participating projects.
' Tenants will initially live in the homes on a rental basis for three years, paying market rental rates. The entirety of those rental payments would go toward their down payment, allowing those tenants to take possession of the home after three years. 'To ensure widespread participation in the program, government financing will cover carrying costs to ensure homebuilders stay whole financially during the rent-to-own period,' says BC United. 'BC United will partner with homebuilders using this model by further leveraging the borrowing power of the Province to do so at a larger and more affordable scale
BC United Housing Platform 2024 Election PST Residential Construction Rent-To-Own Program Homeownership Tenants Rental Payments Down Payment
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