Affordable Housing Options Across Canada Presentation to BCNPHA - PowerPoint PPT Presentation

Affordable Housing Options Across Canada Presentation to BCNPHA Conference Richmond, BC November 24, 2015A Karen Cooper, Director Planning and Development Services City of White Rock kcooper@whiterockcity.ca

Home ownership - Underlying aspiration for Canadians

Affordability

Policies & Programs Favouring Home Ownership  Tax-free status for capital gains on principal residences  Lower property tax rates for owner occupied homes in many provinces  Home Buyers Plan allows borrowing from RRSP for home purchase  Federal/Provincial Home Ownership Plans  Rebates on land transfer tax for first time buyers  Tax-free treatment of imputed income from living in an owned dwelling  Imputed income from living in an owned dwelling is not considered in determining the eligibility and level of payments under the Guaranteed Income Supplement (GIS) program  Mortgage insurance for very high ratio loans  Programs to promote home ownership among renters in public housing through various federal-provincial affordable housing agreements

Tools  Land  Land Use Planning  Development Approval Reform  Finance  Capacity Building

Case Studies • National: Habitat for Humanity (Habitat) • British Columbia: Whistler Housing Authority (Whistler) Langford, British Columbia • Western Canada: Attainable Homes Calgary Corporation (Attainable Homes) Wood Buffalo Housing and Development Corporation (Wood Buffalo) • Ontario: Options for Homes Non-Profit Corporation (Options) • Quebec: Montreal, Quebec • North: Nunavut

Tools Used Across Canada

Municipal Example - Langford BC "It’s not much different from the other houses around here: the only difference is the cost... This should be done in other places and provinces.” Isodoro Flores, Homeowner, City of Langford Affordable Housing Strategy

Private Sector – Options for Homes Organizational Component Development & Construction Financial Component

Non- Profit - Habitat for Humanity

Benefits • Wealth Creation • Financial Security • Security of Tenure • Living Environment • Quality of Life • Educational Attainment • Reduce need for Senior income supplements