WHEREAS in many British Columbia communities there are many residents and low income workers who cannot obtain affordable housing for their families, and communities need additional resources to assist in addressing the situation; AND WHEREAS the Provincial Treasury is the principal beneficiary of the British Columbia Property Transfer Tax, which is derived from the sale of lands within the community: THEREFORE BE IT RESOLVED that the Minister of Finance be requested to make a portion of the British Columbia Property Transfer Tax available to the communities in which it is raised for the purpose of providing funding for attainable housing for working people in the Province of British Columbia.
Ministry of Finance Tax revenues are generally not dedicated to fund specific programs because tax revenues fluctuate in ways that do not necessarily match changes in the funding needs of programs. Furthermore, any potential changes to the tax system or new expenditure programs must be evaluated carefully within the balanced budget context and against competing requests for funding. The Province of British Columbia Province has made housing the most vulnerable a priority: - The annual provincial budget for social housing has increased by 90 million since 2001. - During that same period the Government of British Columbia Government committed to build over 10,250 social housing units. There were 1,583 new units created in fiscal 200506. That brings the total number of units completed since 2001 to over 6,189; work continues on over 4,000 more. - With the federal government, the Province continues to subsidize the existing portfolio of 41,500 units, managed by BC Housing and non-profit housing providers. - The Government also provides rent assistance to about 14,200 households renting in the private market.