Stakeholders in B.C.’s housing market are trying to read through the fine print after a sweeping announcement from the B.C. government.
It included financial incentives to help tame the rising cost of a home and could significantly change neighbourhoods in the process.“They sold lots over time and, in fact, I think the last lot to have sold was in the early 70s,” says Oak Bay Mayor Kevin Murdock.
Eby announced sweeping changes in order to get more homes built faster, including making blanket changes to zoning and allowing four units of housing on a traditional single lot.“We would not be able to say it can only be single-family homes. It would be up to four units if that’s the provincial legislation,” said Murdock.
“There’s no details here and I think that could be a stumbling block for many owners,” said David Hutniak, CEO of LandlordBC.Homeowners will be able to access a forgivable loan of 50-per cent of the cost of a renovation, up to $40,000, for the construction of a secondary suite.“The big unknowns are around what the below-market rent will be,” said Hutniak.
Reeve believes the premier was intentionally short on details because it was more of a shot across the bow of municipalities.
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