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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Mat Wright, Press Secretary, Office of Andrew Weaver, MLA
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