Sign the petition: Oppose $87 Billion of Equity Destruction
Newly released data by STEPUP shows a whopping $87 billion of equity destruction in the past year. The average property owning household in Metro Vancouver lost $105,748.
Homeowners rely on equity in their homes to cover unexpected health care costs, support their children’s education and/or a down-payment on a first home, fund their retirement, pay for senior care home costs, or for renovations & home repairs. Some have characterized the declines in home values as being simply “paper losses”, but for those impacted, the losses are very real.
While homeowners feel the strain of rapidly rising taxes and home equity declines, key metrics show no signs of increasing access to the housing market for younger generations. Vacancy rates remain at less than 1% for much of Metro Vancouver and income levels remain low relative to home prices.
Rather than punishing existing homeowners, or picking winners and losers, communities must embrace choices for renters to buy into the market at all budgets, from micro-suites to duplexes and non-strata row homes and apartments.
BC is at a crossroads as poor policy making threatens to derail long running prosperity. Middle class families can’t afford further equity declines and higher taxes.
We need your help to send a message to John Horgan and Carol James asking our government to stop targeting middle class homeowners with new and additional taxes.
Please add your voice to this petition and share with a friend to help amplify our message.