Housing schemes shape B.C. election debate but questions remain over their efficiency

Last week, as part of their election platform, the BC NDP announced a new scheme to help first-time buyers get into the market. Government would offer a low-interest rate loan on 40 per cent of the purchase price. The loan would come due either when the property is sold or after 25 years.

The loan would be open to homebuyers with an annual median household income of up to $191,910. When the homeowner sells, they repay the loan plus 40 per cent of any lift in value. Premier David Eby said it the program would help about 25,000 people get into the market.