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The Greens would also eliminate property transfer taxes for sales on housing units that cost less than $200,000, but for others increase the tax on a sliding scale to a high of 12 per cent. For example, the sale of a $3.5-million home would net $83,000 in transfer taxes today but the tax would rise to $236,000 under the Greens plan.

The Greens would also add a tax on a home seller’s lifetime capital gains over $750,000, if they sell a home before five years of occupancy, Wong said.

NEW SUPPLY

The B.C. Liberals want to streamline building regulations so that developers can build more multi-family dwellings faster, and says it will work with municipal governments to make that happen.

The party has promised $920 million to create 5,300 new units of affordable rental housing, and says the homes will be aimed at B.C.’s poorest citizens.

The NDP promises to build 114,000 affordable rental, non-profit and co-op housing units over 10 years, and to expand provision of social housing from the poor to middle class workers who have been priced out of B.C. cities, Eby says.

The Greens will spend $750 million per year building and renovating social housing, to construct about 4,000 affordable housing units per year.

RENTAL HOUSING

The B.C. Liberals promise to expand a home renovation tax credit plan to provide up to $20,000 to allow homeowners to build rental suites. The program will help homeowners pay down mortgages and increase rental supply, the party says.

The NDP has offered a $400 rebate for each renter household, and the party estimates the annual cost of the rebate will be $200 million. The party will also allow municipalities to create zoning where only rental housing can be built. Both the NDP and Greens promise to increase protections for renters.

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