NDP Leader John Horgan promises relief for tenants, including a $400 annual renter's tax credit

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      The B.C. NDP has promised to introduce a tax credit for renters if it wins the May 9 election.

      The party has also pledged to amend the Residential Tenancy Act to outlaw fixed-term leases and rent increases based on average prices in the surrounding neighbourhood.

      "We will make life more affordable for renters," NDP Leader John Horgan said. "We will close the loopholes and introduce a $400 a year renter's credit to help families manage the high cost of housing in today's market."

      Horgan made the announcement in Vancouver as his party's housing critic, David Eby, was debating the minister responsible for housing, Rich Coleman, and Green party housing spokesperson David Wong in New Westminster.

      Average rents for purpose-built rental housing in Metro Vancouver reached $1,223 in the last Canada Mortgage and Housing Corp. survey. That was up 6.4 percent over the previous year.

      The overall vacancy rate for these buildings fell to 0.7 percent.

      CMHC has documented how much rental housing prices increased from 2015 to 2016.