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HOMEBUYER INCENTIVES A GOOD FIRST STEP BUT BRITISH COLUMBIANS NEED MORE HOUSING OPTIONS

The Urban Development Institute commends the provincial government announcement today that provides first-time homebuyers with a five-year interest and payment-free loan, up to $37,500, to enter the housing market in BC.   About 42,000 residents are expected to benefit over the next three years.

“This down-payment support from the provincial government is a great start.  With applications for the program starting in January, what a way to ring in 2017 for first-time homebuyers,” says UDI President & CEO Anne McMullin. “UDI will continue to partner with all levels of government, housing providers and rental agencies to build more housing options for people throughout BC.

“British Columbians keep telling us we need more types of housing, not just condo towers or single family homes.  People want three-bedroom townhomes, duplexes, and other options to support growing families.  We all have to share in that responsibility and find ways of building these faster so people can purchase their own homes with this new provincial program.”

Premier Christy Clark said land availability and lengthy municipal approval processes for building multi-family homes continue to be a challenge across the region. UDI is committed to solutions which will help increase the supply of affordable homes to British Columbians.

More detail on the new B.C. Home Owner Mortgage and Equity Partnership program can be found at this link:  https://archive.news.gov.bc.ca/releases/news_releases_2013-2017/2016PREM0153-002759.htm

Anne McMullin, UDI President & CEO is available for media interviews starting at 1pm today.