DARRYL DYCK/The Canadian Press
The panel’s report calls for phasing out the B.C. homebuyer grant, which currently provides almost $1-billion in rebates on property taxes to owners throughout the province, and use that for social housing.These are among the 23 recommendations put forward by the panel, which also received funding from the Canada Mortgage and Housing Corporation.
And renters, the panel says, should be eligible for tax credits and a special TFSA program if tax policy for homeowners doesn’t change. While there has been a lot of debate in Vancouver about housing, particularly about the role of foreign investors in driving up prices, the report emphasized repeatedly that the biggest problem – and potential solution – is supply.The report said the country needs to go back to the kind of investment in social housing it had in the 1990s, when one in every 10 apartments or houses built was subsidized by federal money.
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