Finance Minister Carole James introduced the BC Budget on February 20th which included a “30 Point Plan For Housing” intended to address affordability.
Summary of Highlights
On February 22nd the Urban Development Institute held a morning seminar with the purpose of dissecting the Budget to understand its effects on the economy, real estate industry and its impact on housing strategy.
The general sentiment from the featured panel is that no real change in affordability will stem from this Budget. “The four new tax measures address the demand side and are mainly about garnering additional revenue; they will not do much to improve affordability for the median home-buyer or household.” – Jock Finlayson.
Moreover, there is little to address the “supply” side of the issue with no “real focus on accelerating new residential development at the municipal level, where delays, escalating costs, and bureaucratic over-reach are often major issues.”
London Pacific’s Grant Gardner stated that, “As long as building permit issuance lags significantly behind GVRD population growth projections, it will continue to be challenging to address the affordability issue from a supply perspective.”
The full 30 Point Plan can be found HERE