Whereas residents and communities across British Columbia face acute housing affordability and housing availability challenges, threatening the economic security of individuals as well as the productivity and viability of local economies, as youth, seniors, people with disabilities and working people lack access to affordable housing options; And whereas effective fiscal and taxation tools have been identified to address these challenges by encouraging the use of residential property to provide housing, and discouraging speculation, flipping, commodity investment and other market distortions aimed at maximizing the exchange-value of residential property for the owner, while contributing toward a sharp escalation in the price of housing: Therefore be it resolved that the Province of British Columbia and Government of Canada take action to introduce effective fiscal and taxation tools to encourage the use of residential property to provide housing, and discourage speculation, flipping, commodity investment and other market distortions that contribute toward a sharp escalation in the price of housing.
Ministry of Finance The BC governments top priority is to make life more affordable for British Columbians. Our first steps include actions to address affordability problems for renters and buyers. Through Budget Update 2017, capital funding is being increased to make sure more families have access to housing and to address the rising issue of homelessness. New spending will support construction of 3,700 new units for people in need of affordable housing. This is in addition to about 6,700 units that are currently in development or under construction throughout the province. The BC government is also increasing resources to improve services for renters and landlords. New funding will reduce wait times for tenancy disputes and help the Residential Tenancy Branch address a current backlog. The Finance Minister is reviewing the tax system to improve housing affordability, close real estate speculation loopholes, and reduce tax evasion, fraud and money laundering in the BC real estate marketplace. As part of that review, the Minister will evaluate existing and proposed housing tax measures. Housing affordability must be addressed in a comprehensive way. Minister of Municipal Affairs and Housing will be working closely with local governments to address the housing and affordability problems impacting people in BC. The Minister has met with several mayors to discuss comprehensive short- and long-term housing solutions. The Ministry of Municipal Affairs and Housing also worked with the Federal Government and provinces and territories to help develop a new National Housing Strategy and multi-lateral framework. Both Ministers will be listening to communities and working together to develop an integrated strategy to improve housing affordability for British Columbians.
Ministry of Infrastructure and Communities The establishment of fiscal and taxation tools is not the responsibility of Infrastructure Canada. I would encourage you to follow up with my colleagues at the British Columbia Ministry of Finance or Ministry of Municipal Affairs and Housing.
FCM At the latest board meeting in March 2018, the FCM Board of Directors considered the resolution and adopted it as Category A Concurrence. This category contains resolutions not addressed by FCM in the last three years that are the direct responsibility or concern of Canadian municipalities beyond a regional level and falls within the jurisdiction of the federal government. As this resolution has been adopted with concurrence, it will guide future FCM policy positions. In support of this adopted resolution, a letter will be sent to the relevant federal government minister outlining the call for action directed at the federal government contained in the resolution.