A federal all candidates forum will be held in Vernon next week.

The Okanagan Mainline Real Estate Board, Okanagan Chapter of the Canadian Home Builders Association, the Greater Vernon Chamber of Commerce and Downtown Vernon Association will host the forum on Tuesday, October 7 from 7 p.m. to 9:15 p.m. at the Schubert Centre in Vernon.

OMREB and CHBA Okanagan will be questioning the candidates on issues relating to home ownership and real property investment.

The organizations support a strong federal role in housing, pointing out the Federal Government plays an essential role in underpinning Canada’s housing system.

Given the importance of shelter and housing issues to Canadians, both OMREB and CHBA say there should be a Minister of Housing in the federal cabinet to support a federal housing policy.

OMREB Past President Bert Chapman says they will be interested in what the federal candidates have to say on housing issues.

“Attainable and affordable housing is a common issue across Canada with every jurisdiction struggling with it. There has to be a combination of national tax incentives and benefit programs to encourage and stimulate home ownership, especially in light of the US housing crisis,” says Chapman.

He says the Home Buyers Plan is one example.

“First-time home buyers can borrow up to $20,000 from their RRSPs to use in the down payment. The plan encourages savings, maximizes down payments and helps buyers minimize debt over time. However, the program has not been adjusted since coming into effect 15 years ago while increasing housing prices have minimized the benefits of the program.”

CHBA past president, Tim Evans, says candidates will be asked to address the GST and its effect on new home affordability.

“Since its inception, the GST housing rebate has remained a source for buyers with little down to be able to enter the housing market. The rebate limits are currently set up to $350,000 and declining to the upper limit of $450,000, after which there is no rebate,” says Evans.

He says with housing prices having risen at unprecedented rates, most homes no longer qualify for the rebate, leaving many buyers with a higher financial burden while the income received by the Federal Government far exceeds expectations.

“The average new home in the Okanagan exceeds $500,000 and $25,000 more is added for the GST.”

Candidates will be questioned about whether or not they support the current limits, and if not, what changes should be made.

Other questions of significance to the local business community will come from submissions by members of the Greater Vernon Chamber of Commerce and Vernon Downtown Association.

All questions will be presented to candidates by a moderator.