B.C. NDP pledges to help middle-income homebuyers with 40% of financing
British Columbia’s New Democrats have unveiled a plan that Leader David Eby says will help middle-income families purchase a home by financing 40 per cent of the price.
The plan commits up to $1.29 billion per year in financing to help middle-income people buy their first home, while supporting the development of up to 25,000 new units over five years.
A statement from the NDP says the government would partner with non-profit organizations, local governments, First Nations and market-housing providers to identify land and projects for development.
It says government financing and the use of low-cost land would allow builders to offer units for sale at 40 per cent below market prices, and buyers would need to come up with the remaining 60 per cent.