Housing tax credit promised

BC Conservative leader John Rustad has promised a large tax credit to help with housing costs.

Billed at the “Rustad Rebate,” the program would exempt up to $3,000 per month in housing costs—either rent or mortgage interest—from B.C. residents’ income tax.

The program would be phased in, starting at $1,500 per month in 2026 and then grow by $500 every year after that.

“This is not another band-aid solution. This is real relief for British Columbians who are working hard but getting squeezed by rising housing costs,” Rustad said in a news release.

Households making under $250,000 a year would be eligible.

The program would cost $3.5 billion. It is not clear where the money from the rebate will come from, given the existing provincial deficit of $9 billion and Rustad's previous promises to cut the carbon tax and vastly expand addictions care.

“Obviously, we need to take a look at this reckless spending that David Eby has put in place in terms of how to sort of rein in some of that spending,” said Rustad, per CTV News.

The party says the budget impact of the credit would be limited to $900M in 2026.

Rustad said he will release more information on his housing platform later this week but has already announced he would repeal the government’s short-term rental restrictions and legislation that allows for more density on single-family lots.

The BC NDP have been touting those policies with voters. In a news release Sunday, the party said its AirBnb rules turned thousands of units into long-term homes.

The NDP says its density legislation cuts “red tape that was blocking the construction of small multi-unit developments.”

“John Rustad would return to the failed status quo that worked really well for speculators and wealthy investors–but not for people,” said Eby. “Those are the policies that got us into the housing crisis in the first place, and they won’t work to dig us out."