Today, more and more people are struggling to make ends meet as the costs of everyday essentials like rent, food, and transportation continues to rise. At Vancity Community Foundation, a core priority for us is helping restoring affordability through initiatives that grow community-owned assets, distribute collective benefits, and create economic conditions for thriving. 

But we cannot do this work on our own. That’s why our advocacy work with government is critical. Just like last year, we had a team in Victoria analyzing the provincial budget announcement and bringing you some highlights. Budgets are about priorities and deciding how the shared prosperity of our society should be distributed. 

Here are some highlights from this year’s budget and the decisions the Government of BC has made: 

A focus on middle-income renters and home buyers 

Like last year, housing is the largest focus of Budget 2024. The centerpiece of this work is the newly announced BC Builds program, a nearly $3 billion initiative that provides low-cost financing and faster timelines to deliver rental housing on underutilized land. For 2024, funding includes: 

• $150 million of operating funding and $48 million in capital funding

Unlike past programs, BC Builds targets middle-income households with incomes up to $191,910. Other supports for higher earning individuals include lower taxes for home buyers: 

• Eliminating the Property Transfer Tax for homes under $500,000 and reducing it for homes up to $860,000 

• Increasing the tax exception for newly built homes from $750,000 to $1.1 million 

Additional initiatives to note include: 

• A five-year Property Transfer Tax exemption for new, eligible purpose‑built rental buildings starting in 2025 to help lower development costs 

• A new tax targeting home flipping starting in 2025 on the profit made from selling a residential property within two years of buying it 

Targeted supports for children and families

In keeping with this budget’s focus on cost-of-living issues, three key benefits are being introduced or increased: 

• A one-year bonus to the BC Family Benefit will see eligible households receive an additional $445 

• An average of $100 in electricity bill savings through the BC Electricity Affordability Credit 

• A 13% increase to the Climate Action Tax Credit that sees $882 a year paid to the average two parent household with two children, up from $782 

Equity and inclusion

• Budget 2024 announced that in 2025, B.C. will join Quebec, Ontario, and Manitoba in funding the costs of one cycle of IVF treatment for hopeful parents regardless of their relationship status, who they love, or how much money they make 

• $215 million in additional funding over three years for mental health, addictions and treatment including: 

  • $49 million to support existing harm reduction initiatives 

  • $117 million to continue funding more than 2,200 community mental-health and substance-use treatment beds 

  • $39 million to fund existing Peer-Assisted Care Teams and Mobile Integrated Crisis Response Teams 

Reconciliation

The government’s focus this budget was on implementing new frameworks for land and resource development in cooperation with local First Nations – ensuring that more revenues from these projects are shared with Indigenous people. A new shared equity framework is also envisioned that will deepen this type of revenue sharing for future resource projects. 

One of the many capital projects highlighted included $151 million to develop 248 units of Indigenous focused social housing and community services at 1015 East Hastings in Vancouver. The project is a partnership between BC Housing, the City of Vancouver, and the Vancouver Aboriginal Friendship Centre Society and is expected to be completed in Summer 2025. 

Climate

• Mirroring changes made by the Federal Government, the Government of BC will exclude oil and gas exploration expenses from the mining exploration tax credit 

• $252 million more over four years to bolster the province’s response to future climate emergencies including: 

  • $18 million to support year-round delivery of government response and recovery programs 

  • $234 million over two years for infrastructure projects and programming to decrease flood risks in the Lower Mainland and improve the management of water resources 

In total, Budget 2024 contains a wide range of programs and initiatives that aim to provide relief for people struggling with the high cost of living. While many of these programs are one-off investments that will support lower income earners who need the most support, many of the larger initiatives target middle-income renters and those who are fortunate enough to be planning to buy their first home. 

At Vancity Community Foundation our focus will remain on working with communities to create the economic, social, and environmental conditions to collectively thrive. Strengthening and expanding our programs that help lower income people and equity deserving groups is a big part of this work. As always, we will keep advocating to all levels of government for the resources needed to make this happen.