Statement on B.C. Home Partnership
Media Statement, Dec. 15, 2016
Statement from Andrew Weaver on B.C. Home Partnership
For immediate release
VICTORIA B.C. – Andrew Weaver, Leader of the B.C. Green Party, is calling the B.C. Home Partnership a populist, short-sighted, and irresponsible move.
“The cost of purchasing a home has gone through the roof in this province because of irresponsible speculation and government inaction. The reason people can’t afford a home isn’t because the downpayment is too big – it’s because the average home in Vancouver costs more than $1 million. That’s the real problem, and this government is avoiding it entirely.
“Instead of tackling the real problems that are causing out of control housing prices – like deregulation and speculation – the government is announcing a band-aid solution that will build an even bigger housing crisis down the road
“We have seen the dangerous consequences of this type of policy in the United States. It became easier and easier for people to take on unaffordable mortgages, leading to crippling debt, the collapse of the housing market and first-time home buyers losing their livelihoods. The whole point of having a downpayment is to protect people from unmanageable debt. That’s also why the federal government recently increased the stress test for high ratio mortgages.
“The fact is, people should not have to take on a dangerous amount of debt to afford a home. The only reason they have to do that right now is because the B.C. Liberal government failed to act to keep housing prices affordable. Now, they are choosing to implement populist, short-sighted and irresponsible programs that download risk on to vulnerable people who are just looking for a way to improve their lives.”
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Media contact
Mat Wright, Press Secretary, Office of Andrew Weaver, MLA
+1 250-216-3382 | mat.wright@leg.bc.ca
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3 Comments
i disagree. Other than the metro Vancouver area housing is appreciating at a rate of approx 5% annually. That’s even taking into account the much higher prices we’ve seen here in Victoria in the last year or two. I bought my first place in 2005 for 360. Its now worth 600ish. I’ll speak for 70% of the country and say, as a homeowner most of my wealth is in my home, please stop saying housing needs to be more affordable and call it what it is… we want to see prices go down.
Hello Mark, Actually the problem has moved far beyond Metro Vancouver. Victoria is experiencing it as we speak. My wife and I could not afford to but the house we presently live in in Gordon Head. Salaries have not kept pace with housing prices. Two houses on our street recently sold for over a million dollars yet they were selling for about $400,000 in 2004. Victoria and other jurisdictions are being affected by Vancouver folk selling their houses for outrageous prices and moving here (not caring really what they pay). It’s happening all over Vancouver Island and in the Okanagan as well.
I believe you live in Victoria. If you bought your house for $360,000 in 2005 and would like to sell it for $600,000 today, please let me know. I am reasonably confident I could have find buyers lining up to private sale offer you $600,000 for a house in Victoria that cost $360,000 in 2005.
Finally, I’m reasonably confident that the Liberals dis not consult with the lending industry. 2nd mortgage registration is not likely to be very attractive to blue chip mortgage lenders.
Exactly!