Initiative would see taxpayers invest in 40 per cent home equity stakes for up to 25,000 homes for first-time homeowners.
The NDP plans to take province-wide an arrangement it unveiled last week for the Heather Lands in Vancouver. The result could be up to 25,000 new homes within five years if the party wins the next election, B.C. Premier David Eby said today at a soggy news conference in Surrey.Eby suggested last week that his party wanted to expand the initiative province-wide so today's announcement was no surprise.
The Heather Lands initiative is not for freehold title. Instead it is for 99-year leases for land where the homes are built. It is possible that future projects across B.C. would be for homes on land the home owner would own outright. The 300,000 figure that the premier is bandying about likely includes homes built via a program known as BC Builds, Thomas Davidoff, director of the University of British Columbia's Centre for Urban Economics and Real Estate, told BIV.
"I don't think it's crazy to think that, on average, the province will probably break even," Davidoff said.
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