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