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What’s in BC Budget 2023 for property buyers and owners?

What’s in BC Budget 2023 for property buyers and owners?

BC Budget 2023 makes significant capital commitments for the development of affordable market, rental and social housing.

In total, the government is allocating $4.2 billion in new operating and capital funding over three years to build more homes, provide more supports and protections for renters, and to help reduce homelessness. 

Affordable homes

Secondary suites

  • Up to $91 million over three years toward a new pilot project to provide financing incentives to encourage homeowners to develop new secondary suites on the property of their principal residence to rent to long-term renters. The pilot is expected to create thousands of new rentals.

Transit-oriented development

  • $1.7 billion in operating and capital funding over three years to support building thousands of new homes for British Columbians through Building BC and BC Housing programs as well as transit-oriented development.
  • $394 million in new capital funding to acquire lands for future affordable and market housing development projects along main transit corridors.

Student housing

  • $575 million over 3 years (or $1.1 billion over 10 years) to enable post-secondary institutions to create thousands more student housing spaces in high demand areas throughout BC.


  • An income-tested tax credit (rental rebate) of up to $400 for renter households earning $60,000 per year, with a declining value for households with incomes of up to $80,000 per year;
  • $7 million over three years to support the BC Rent Bank; and 
  • More than $15 million to increase staffing capacity at the Residential Tenancy Branch.

Borrowing facility

  • $2 billion dedicated borrowing facility to support thousands of new affordable homes over 10 years. The government will provide loans. Details to come.

Property Transfer Tax (PTT)

  • PTT revenue is forecast to decline by 20 per cent in revenue this year to $1.799 billion from the $2.250 originally forecast due to a slower housing market and expected decline in home sales.

Speculation and Vacancy Tax

  • The regulation is being amended to clarify the geographic areas used to determine the annual fair market rent for residential property. This is used to apply the non-arm’s length tenancy exemption if the owners are untaxed worldwide earners (satellite families) or foreign owners.

Municipalities – housing targets

  • $11 million to support implementing legislation, including the new Housing Supply Act, allowing the Province to set housing targets for communities.
  • $57 million to unlock more homes through new residential zoning measures and by reducing the time and cost associated with local government approval processes.

New PTT exemption

  • Two per cent PTT exemption for new purpose-built rental buildings, effective for transactions on or after January 1, 2024 that exceed $3 million. The residential portion of the building must be entirely for rental and have at least four apartments. 


Rapid housing initiative

  • $66 million in annual operating funding to support new housing through this federal-provincial cost-shared program launched in 2020 to address urgent housing needs of vulnerable Canadians, through the rapid construction of affordable housing. 

Climate change

Emergency management, risk assesment, and mitigation
  • $85 million over three years to increase emergency management capacity and provide new investments in disaster risk assessment, preparedness, and mitigation. 

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