Kelowna City Council backs affordable housing plan
Kelowna backs affordable housing plan
by Wayne Moore - Story: 37270
Feb 18, 2008 / 5:00 am
Kelowna City Council is backing a plan that asks the federal government to provide tax breaks to companies that build affordable housing.
The proposal was initiated by Vancouver City Council.
A copy of a proposed letter to Finance Minister, Jim Flaherty, says in part, "We believe that providing significantly higher tax benefits for those philanthropists prepared to commit leadership to ending homelessness in fully justified."
The proposal goes on to say people are prepared to contribute to the solution if the appropriate tax incentives are provided... Castanet.net
Affordability in Kelowna has been an issue for a few years now and likely will not be solved any time soon either. However, if the federal government decides to back this plan in whole or part it can only mean good things for the average first time home buyer looking to move or relocate to the City of Kelowna. How this might flesh out will be interesting for sure, but the hope is that it will have an immediate impact on the housing market. As an agent it would be really nice to tell a young couple there are homes available to them in a lower price point. Buyers coming to this region sometimes have to get over the original "sticker shock" when first looking at homes or stratified units in Kelowna. I am in full support of relief for those Buyers out there that really could use a break instead of potentially over-leveraging themselves in order to get into the Kelowna real estate market.
Sincerely,
Jason Neumann
Posted by Jason Neumann
on February 18, 2008