The British Columbia election is making headlines and capturing attention throughout the province, yet the proposed solutions to address one of the most pressing issues — housing affordability — have largely missed the mark.

Conservative plans: ‘Rustad Rebate’, ‘Get BC Building’

Let’s start with the Conservatives’ Rustad Rebate, a $3,000 monthly credit on rent or mortgage interest costs. While well-intentioned, this rebate seems to be a short-term fix that skirts around the larger systemic issues plaguing the housing market. This plan risks inflating property values further by offering rebates instead of addressing the root causes of high housing costs. The rebate could also inadvertently increase demand without a corresponding surge in supply, thus exacerbating the affordability issue it aims to alleviate. 

To be fair, the Conservatives have offered other housing solutions beyond the Rustad Rebate in the form of the “Get BC Building” plan. 

The costed platform and details of this plan were revealed just days before the election, leaving experts little time to understand the long-term implications of the proposed initiatives. Moreover, the platform sets an ambitious and unrealistic GDP growth target of 5.4 per cent, along with a deficit comparable to the one presented by the NDP. A lot of the content focuses on criticizing the NDP rather than providing further details on potential solutions.

Rustad’s proposal to develop new towns certainly captures attention and sparks creativity. But, many British Columbians, including myself, are eager to learn more specifics about how the details of this ambitious plan would be implemented. 

NDP plans: Cover 40% of a home’s cost for new buyers, tax cut & more homes for middle-class

On the NDP front, David Eby’s pledge to cover 40 per cent of a home’s cost for new buyers is similarly problematic, essentially transforming the NDP into the very speculators they criticize. 

While it’s designed to simplify entry into the housing market, this may also result in higher home prices, as sellers anticipate greater purchasing power from buyers. This also only targets a small group within the larger housing market in B.C. – first-time buyers. While we can all agree that first-time buyers are having an increasingly hard time getting into the market, this excludes equally important groups like young couples looking to start a family and seniors looking to downsize.

The plan also ties homeowners to long-term financial commitments that could become a burden if personal circumstances shift, echoing concerns from economic analysts about its potential to create new forms of financial insecurity. 

The NDP’s plan, combined with the Federal Liberals, could also significantly impact our housing market by encouraging potential buyers to pursue short-term incentives for homes that may ultimately exceed their long-term financial capabilities.

Both strategies reflect a trend toward using public funds to bring down housing costs. However, critics argue that these financial interventions don’t tackle fundamental issues such as property taxes and the cost of developing a project, which stand as significant barriers. 

Beyond Eby’s big idea to fund housing costs for new buyers, the NDP proposed a $1,000 boost for household budgets through a middle-class tax cut, along with a plan to intensify efforts against speculators and build 300,000 new homes for the middle class, which appear to be a fresh spin on their earlier policies. 

Green plans: Rental support & emergency housing

And lastly, the Green Party’s focus on rental support and emergency housing clearly leans on the public sector to boost housing supply and protect affordable rentals. While the public sector definitely has a role in making housing more affordable, we can’t forget about helping the private sector too. This approach overlooks a chance to come up with strong, creative policies that could connect with a wider audience looking for real change.  

Many of these electoral solutions fail to address the root causes of the complex housing affordability crisis in the region. From what we can see, even when they do acknowledge these underlying issues, they often lack specific details on how the party plans to implement effective measures.

Key solutions missing from the discussion include addressing the skilled worker shortage affecting home construction, slowing the growth of housing prices to allow wages to catch up, collecting wealth windfalls from zoning changes to fund affordable housing and implementing strategies to control costs in the regular housing market.

Ultimately, these housing strategies, though well-intentioned, risk becoming costly stopgaps. True progress demands policies that not only offer immediate relief but also pave the way for sustainable growth in our housing supply. B.C.’s housing crisis calls for a balanced approach that includes fiscal responsibility, market dynamics and long-term planning — a challenge that remains unmet in the current political discourse.

Love them or hate them, depreciation reports are critical documents essential to strata corporations and properties. They outline the current condition and long-term maintenance needs of a building’s joint assets, such as the roof, plumbing and elevators. The report assesses the building’s condition, estimates the remaining lifespan of its components and projects future repair and replacement costs over 30 years.

B.C.’s mandated change

In April 2024, British Columbia’s provincial government enacted additional regulations regarding obtaining these reports, forcing strata councils and owners to stop burying their heads in the sand and ignoring the need for future planning.

Effective July 1 this year, depreciation reports have become mandatory for any building larger than five strata lots. These reports will also need to be updated on a five-year cycle. Strata corporations can no longer opt-out via a three-quarter vote at an annual or special general meeting. There will be a grace period for allowing the completion of these reports, depending on where the building is located within the province.

Impact of the changes — a surprise for some

What does this mean for owners, buyers and sellers? Some might see the changes as bad news, but the pros outweigh the cons.

“These reports are a great tool in a strata corporation’s toolbox for planning their budget and repairs for the next several years,” comments Pam Zak, vice president of management services at Tribe Management.

For many, these new regulations may have come as a surprise. But those working directly with strata corporations saw the changes coming.

“The recent changes weren’t a surprise for our clients,” Zak adds. “We announced it well in advance, so our portfolio of properties has been well prepared for the new requirements. We received very little negative feedback from clients regarding the changes.”

Two reports go hand in hand, creating some cost savings

With the growing demand for electric vehicles (EVs) and the move away from gas-fired appliances in B.C., the new legislation now requires strata corporations to conduct electrical planning reports to assess their building’s electric infrastructure capacity and the depreciation report.

The electrical planning report intends to provide the strata with an overview of its current electrical capacity and what changes might be needed to upgrade that capacity, including items such as heat pumps and EV charging.

Mack Grigg, project manager with Sense Engineering, notes that these two reports go hand in hand. He says there’s a crossover between the electrical and HVAC equipment that needs to be captured in both a depreciation report and an electrical planning report, so it makes sense for buildings to do both reports simultaneously, which results in some cost savings.

“A depreciation report can be overwhelming for the average homeowner. They’re long and complex,” adds Mack.” That said, an executive summary of a high-level snapshot of the report should be provided, which we find quite helpful for owners. It makes for an easy entry into reading these lengthy reports.”

Cost increases can occur for those who budget according to report recommendations

Although change can be difficult for owners, buyers and sellers, these stricter requirements can be beneficial in the long run. While these changes have perceived downsides, such as potential for increased fees, Zak meets with her team and has not heard of significant increases overall — but that could be different for those who choose to budget according to the report’s recommendations.

Key advantages

The three key advantages of these reports for owners and sellers are financial preparedness, property valuation and sustainability.

When it comes to strata corporations themselves, the reports bring many advantages by helping them plan long-term repairs and upgrades, which can help prevent unexpected expenses for capital projects. They also provide various funding models so owners and buyers know what to expect for expenses down the road. Unlike in other provinces, British Columbian strata corporation owners still have the option of how they want to fund these projects.

Well-maintained buildings with updated reports attract potential buyers by offering transparency on the state of the building and what repairs should be expected in the future, barring unforeseen events. As many buyers look for well-run complexes, future maintenance costs and the building’s financial health can help maintain or increase property value.

Sustainability is at the forefront of real estate. Electrical planning reports ensure building managers know the electrical systems and their capacity. Owners and buyers will know if the building is ready for EV charging infrastructure or what changes need to be made to support the increased demand for more sustainable environmental solutions.

The recent changes to depreciation reports in B.C. represent a significant step forward for property owners and buyers. These updated regulations promote proactive and long-term planning in the real estate market by ensuring that buildings are better maintained and financially prepared for future repairs. In the long run, the enhanced focus on proactive maintenance and informed decision-making will benefit everyone involved.

Coldwell Banker Canada recently announced the addition of Coldwell Banker Executives Realty to its network. The brokerage is led by Bill Hubbard and based in Vernon, in British Columbia’s interior.

The company notes Hubbard’s decision to join was a strategic one, due to Coldwell Banker’s advanced technology, progressive approach and growing presence in the Canadian market. With over 35 years of industry experience, Hubbard is forward-thinking and takes an innovative perspective.

Hubbard’s background and experience

Hubbard’s real estate career began in Alberta and continued in B.C. after he relocated in 1996. With his previous brokerage, he earned its Franchisee of the Year Award for all of Canada in 2015. His offices have consistently ranked among the top 30 in the country and received Century 21’s highest production award, the Grand Centurion.

Hubbard is also committed to community and actively supports Easter Seals Send a Kid to Summer Camp.

Business change and growth

With the shift in industry dynamics, in 2018 Hubbard restructured his business model to blend traditional practices with modern, digital-first strategies. This helped him grow his business from 55 to 160 realtors by 2024.

His brokerage now offers full-time sales coaching, training and education services, and simplified business fees.

“The changes coming at the real estate industry require brokerages and franchisors to think outside the box. Six years ago, we chose to build a hybrid business model between traditional brokerages and the new cloud-based business models.

The second step was to find a strong brand that consumers already trusted that was progressive enough to embrace our new business model. After an intense search, Coldwell Banker was clearly the brand. Our growth is proof that realtors are ready for this change,” Hubbard explains about his journey and what led to the switch.

The goal moving forward is to “cement a leading position across the eight market areas Hubbard’s offices serve in B.C.: Castlegar, Enderby, Kamloops, Maple Ridge, Revelstoke, Salmon Arm, Sicamous and Vernon.”

A challenge in the world of government relations is that it’s inherently a long game. Here in British Columbia, the provincial government has been hearing the desperate voice of the electorate to restore affordability as quickly as possible.

This has manifested into a litany of housing policy announcements that are often big on podium bluster and critically shy on advance research or sector collaboration. The result is often one step forward, two steps back. 

Housing policy often used for populist purposes; ends up rushed, under-researched & weak on advance collaboration 

The BC Real Estate Association (BCREA), in cooperation with a coalition of like-minded and equally concerned housing organizations including the likes of the Aboriginal Housing Management Association, BC Non-Profit Housing Association, Canadian Mortgage Brokers Association – BC, LandlordBC and many others, made a public call for the government to establish a permanent roundtable on housing in April 2023.

The ask, however, fell upon resistant ears for a likely series of reasons. One of the most concerning is the governmental tendency to use housing policy for populist purposes. 

It’s my perspective that a true crisis deserves the best minds working to solve it, and it certainly shouldn’t be manipulated to attract votes. What’s necessary is collected expertise working together, a non-partisan approach, in-depth research and evidence-based decision-making. Far too often in B.C., our housing policy is rushed, under-researched, weak on advance collaboration with sectoral expertise, and as a result, significantly less effective than it has the potential to be. 

It’s not that the provincial government doesn’t have good intentions and a genuine desire to effect positive change. However, the influential leaders involved are either unaware of best-practice policymaking or arrogant enough to believe their hodge-podge of ministerial policy staffers is sufficient to solve the incredibly complex housing issues before them. 

Residential Tenancy Regulation changes: A victory with unaddressed concerns remaining

As a result, there are many instances where the government announces policy, only to have to make rapid amendments to correct overlooked issues due to a lack of advanced research. Case in point, over the summer the Province amended the Residential Tenancy Regulation to require landlords to give tenants four months’ notice, instead of two months, when evicting for landlord or purchaser use. The amount of time a tenant had to dispute the notice was also increased from 15 to 30 days.

In response to feedback from the BCREA and the Canadian Mortgage Brokers Association – BC, on August 1, 2024, the Province announced that it would be further amending the Regulation to require a three-month notice period (down from four months) and would give tenants 21 days to dispute the notice (down from 30 days) when a landlord issues a notice to end tenancy for the purchaser’s use of the rental unit.

These changes took effect on August 21, 2024. This was a sizeable BCREA Government Relations victory in terms of identifying issues created by the new legislation and achieving an almost immediate public backtrack from government. But while this was a partial course correct, there are still a variety of issues and concerns with the legislation that, as yet, continue to go unaddressed. 

Privacy and transaction lead time concerns

We voiced privacy concerns about a new requirement that landlords provide a copy of the Contract of Purchase and Sale (CPS) with the notice to end tenancy. To the government’s credit, the new landlord web portal was then updated so landlords are no longer required to provide a copy of the CPS to the tenant(s). Landlords will still be required to upload a copy of the CPS to the web portal, but it will not be disclosed to the tenant and will only be for internal Residential Tenancy Branch (RTB) use.

We would like to see high-ratio insured buyers (including first-time buyers) who will be occupying the property continue to have a two-month notice period because of the financial hardship caused by a longer delay in them taking possession of their property, and the likelihood of them running afoul of financing restrictions.

In future, the B.C. Government should allow much longer lead times for implementation when making changes that involve real estate transactions and tenancy issues. Provisions should always be made to exempt transactions that are already in progress when announcements about these kinds of changes are made.

To protect the privacy of buyers, it would be prudent to eliminate the requirement to report to former tenants for buyers who intend to occupy their own units. The buyer’s intent to occupy could be documented for the RTB by use of a Statutory Declaration or as part of the Property Transfer Tax return process. An early sale of the unit could be tracked through the Land Titles or BC Assessment systems. The government already has its own sources of information to verify the occupancy status of an owner and that the unit hasn’t sold within the year.

Addressing needs of certain demographics and short-term rentals for owners between completions

They also need to provide a more paper-based alternative to the new web portal for use by less technically savvy landlords or allow the existing paper forms to still be used for giving tenants notice. The Ministry’s suggestion for such landlords to visit a Service BC Office or the RTB’s Burnaby office for assistance is hardly a realistic or efficient option and is dismissive of legitimate problems of different demographic groups within our communities.

Lastly, they should also allow the rules for short-term rentals to accommodate property owners or buyers who are stuck between completions if the rental is needed for a period under 90 days.

In about a week, the B.C. election takes place. In the end, the Province will most likely be governed by either the BC NDP or the Conservative Party of B.C. Whichever party emerges victorious, a new, more collaborative future that back-benches politics and puts a newfound focus on non-partisan results is vitally needed.

Please note that it’s BCREA policy to not respond to comments on any of its online articles.

The British Columbia Real Estate Association (BCREA) is calling for significant amendments to British Columbia’s short-term rental laws to mitigate the disruption they’ve caused for specific business and tourism sectors across the province, the association announced last week.

On May 1 this year, the B.C. Government enacted a widespread ban on short-term rentals, with the intent of returning homes to the long-term rental market.

British Columbians negatively affected by the ban

As part of a new housing policy resource hub launched leading up to the 2024 Provincial General Election, BCREA identified multiple groups of British Columbians negatively affected by the ban.

These groups include:

• medical employees transferred to remote areas
• those receiving multi-week medical care as well as caregivers in urban areas
• film sector workers in town for weeks at a time
• those attending or employed by short-term but large events for which hotel space is inadequate (such as a Taylor Swift concert or the FIFA World Cup 2026)
• those needing short-term housing due to delays in being able to take occupancy of homes or apartments

The BCREA proposed several exemptions from the ban across several categories, including these groups and high-tourism areas.

Additional considerations besides housing affordability, BCREA stresses

As part of the analysis, the BCREA stressed that provincial and regional economies need to be factored into policy decisions of this magnitude.

“While housing affordability is extremely important, there are additional considerations in communities across B.C. that have been paved over with the implementation of this policy,” explains Trevor Hargreaves, BCREA senior VP, policy and research. “There are numerous exemptions desperately needed to make this a workable and successful policy moving forward.”

Hargreaves adds, “There is no question that some of these short-term rental units should be functioning as long-term rentals, but there are some legitimate uses for short-term rentals that are no longer permitted under the legislation.”

On Monday, Macdonald Realty Group of British Columbia announced the appointment of Dan Scarrow as its new president and chief executive officer. Dan succeeds Lynn Hsu, who will remain with the company as chair.

Scarrow’s track record

Scarrow has a long history with Macdonald Realty Group, having served as president from 2019 to 2022. For the past two years, he was president of Lyndan Properties, the company’s new real estate development arm with over $100+ million worth of projects in its pipeline.

“Dan has been a driving force behind our success for the past 15 years,” says Hsu. “With the establishment of Lyndan Properties and the continued achievements of Macdonald Realty, Macdonald Commercial, Macdonald Property Management and Macdonald Platinum Marketing, our position as BC’s leading real estate organization remains stronger than ever.”

Dan expressed his enthusiasm for the future: “It’s an honour to lead a company with over 80 years of history and an exciting path ahead. I believe the next chapter in Macdonald Realty Group’s story will be our most dynamic yet.”

Macdonald Realty has over 20 offices and 1,000 agents and staff and handles more than $10 billion in annual sales. Macdonald Commercial employs over 40 commercial agents across Vancouver, South Surrey and Victoria. Macdonald Property Management oversees properties valued at more than $6 billion and Macdonald Platinum Marketing has managed sales of over $2 billion in luxury new construction.

Sotheby’s International Realty Canada recently announced the addition of the Scott Marshall Group to its national network. Based in Kelowna, British Columbia, the team brings expertise and roots in the Okanagan Valley.

“The addition of the Scott Marshall Group to Sotheby’s International Realty Canada reinforces our position as the premier choice for discerning clients seeking the highest level of real estate expertise,” says Don Kottick, president & CEO of Sotheby’s International Realty Canada. 

“Their proven track record of success and deep connections to the local community align perfectly with our mission to deliver unparalleled service and results across Canada.”

The team

Led by Scott Marshall, the Scott Marshall Group is known for its specialization in acreages, lakeshore, luxury and farmland properties. 

Marshall is a fifth-generation Okanagan resident with a real estate and farming family history going back to 1911. He has deep knowledge of the region and an educational background in real estate and finance from the University of British Columbia. For eight years, he worked with a large international real estate brand, where he achieved the top sales position among over 200 local agents and ranked second in sales for B.C.

Joining Marshall are two sales associates: Cole Young and Natalie Reichert. Young carries a mortgage broker license, an extensive background in finance, with a global perspective from his time in Singapore, and knowledge of investment banking, mortgage brokering and real estate. Reichert is a graduate of Kwantlen Polytechnic University and brings experience in international markets.

“I am confident that the Scott Marshall Group’s presence will bring immense value to the brand and further solidify its leadership in the Canadian real estate market,” says Nathan Flavel, regional managing broker, Interior British Columbia.

“We take pride in working with exceptional real estate leaders across Canada and we look forward to working together with the Scott Marshall Group to achieve new heights of success.”

The term “missing middle” has become as common in today’s real estate vocabulary as “a hot market” or “location, location, location.” Cliches often have some truth in them — and in the case of the “missing middle,” it’s gaining traction in the Canadian real estate market in part due to the rise of a newer property type: multiplexes.

Changes in B.C. and Toronto

Multiplexes are residential homes that consist of multiple separate units within what would have traditionally been a lot designated for a single detached home. They can generally vary from two to eight units.

In 2023, British Columbia made amendments to their Housing Statutes (Residential Development) Amendment Act — more commonly referred to as “Bill 44.” That same year, Toronto’s city council adopted its own Official Plan Amendment and Zoning Bylaw Amendment to allow multiplexes throughout the city.  

Jasmine Cracknell-Young, vice president of market advisory at Zonda, saw that the rise of multiplex listings in Toronto jumped dramatically since these amendments. According to the Toronto Regional Real Estate Board (TRREB), in 2023 there were 115 listings and in 2024, 168 listings — a 46.1 per cent increase.

“I think because housing has become such a hot topic, we have all levels of government finally talking about it because they realize the crisis that we’re in,” she comments. 

A ‘tiny part of the market’: Legislation may not go far enough

Chris Spoke, builder and developer with Toronto Standard, has seen firsthand the impact of these legal changes on housing projects. Personally, he doesn’t believe the legislation goes far enough. 

“So we have five residential zones in Toronto. Two of those residential zones do support multi-unit housing, but the zoning bylaws paired with the city’s Official Plan and the language of it is if there’s any new development within the neighborhood’s designation, it has to respect and reinforce the existing physical character.

(This) means that even if the zoning technically allows for multi-unit housing, if it’s not consistent with the existing physical character, then you’re not going to get past this test,” Spoke explains. “We’ve still not seen a lot of activity because I think the multiplex bylaw doesn’t go far enough in terms of the permissions. So it’s still like a tiny part of the market.”

Optimism and opposition: Major Streets Study

However, Spoke is optimistic that multiplexes will continue to rise in popularity in Toronto, particularly with the momentum surrounding the Major Streets Study which “focuses on permitting gentle density — missing middle housing — on major streets in low-rise neighbourhoods across Toronto.”

“These are the major arterials in the city that have bus routes on them,” adds Spoke. “So this also opened up a new scale of development in parts of the city where it was not legal before.”

However, these policies are met with some opposition. When it comes to the Major Streets Policy, traffic is a big concern among current residents.

“It’s always traffic,” shares Cracknell-Young. “They just think it’s taking up road space.”

Bill 44 in B.C. addresses these concerns by eliminating new vehicles from entering neighbourhoods altogether in some cases: if a housing project is within 400 metres of a transit stop, no minimum parking is required. Transportation accessibility is poised to play a significant role in the development of multiplex housing.

Ottawa: Multiplex increases expected post-bylaw approval in 2025

Nachiket Kulkarni, an architectural designer with Architrix Studio, has worked on multiplex projects both in Vancouver and Ottawa, where he now lives.

“Ottawa would be two or three years behind Vancouver when it comes to that change,” he says. “So whatever happens in Vancouver right now, the same change would be in Ottawa two or three years down the line in terms of multiplexes.”

While Kulkarni has seen a big shift towards more multiplex development over the past couple of years in Ottawa, he anticipates that to increase even further after December 2025, when the new zoning bylaw is expected to have final approval.

“In Ottawa, they’ve consolidated the number of zones into just six zones now, just like Vancouver did,” adds Kulkarni.

In October 2023, the City of Vancouver implemented a new zoning designation, “R1-1,” otherwise known as “Residential Inclusive.” This was put in place to replace and simplify the previous zoning structure, which included various RS (One-Family Dwelling), RT (Two-Family Dwelling) and RM (Multiple Dwelling) designations.

And similar to Toronto and Vancouver, Ottawa’s changes will also aim to reduce parking requirements.

‘Citizen developers’ on the rise

Spoke believes that with these new changes, multiplexes will open the door towards something he refers to as “citizen developers:” where those such as home builders, general contractors and even everyday homeowners can actively participate in building up new housing opportunities.

“Multiplexes offer a form of development that’s accessible to people who haven’t worked professionally as developers,” Spoke says.

While multiplexes will likely not solve all of our housing problems overnight, they provide an opportunity to think of density in a more nuanced manner. 

“I think it’s a really great product form. You can have multiplexes go into existing communities and have people of different incomes and demographics able to access some of the best communities that we have,” says Cracknell-Young. “To stop the sprawl and have more people in our existing communities where it’s possible … I hope that we will see more of them.”

Image: ShapeYourCity.ca

The past half-decade has been a strange one for housing in British Columbia. After almost two decades of underproduction, municipal bureaucratic foot-dragging and a general failure to plan for future growth, affordability issues continue to worsen despite ongoing media fixation and an endless stream of governmental promises, plans, proclamations, policies, podium pontifications and proactive pronouncements.

The writ has yet to drop, but it’s expected British Columbians will once more take to the polls on Saturday, October 19, 2024. While housing and provincial affordability are top-of-mind issues, it’s the shift in public polling that’s particularly fascinating in the lead-up.

Two contender parties: Far-left and far-right

The destabilization started with B.C.’s Liberal Party rebranding in April 2023 into the ambiguously named B.C. United, which resonated with precisely no one. Perhaps this is because it makes them sound more like they should be playing against Manchester United rather than dealing with politics.

But the real story is the upstart Conservative Party of B.C. which has usurped much of the former Liberal following and is now practically equal in polling support to the in-power NDP (New Democratic Party) that once commanded a majority lead. This essentially means that in the coming B.C. election, the two contender parties are either a far-left or far-right option. Quite the ideological showdown in the making. 

What got us here?

B.C. is governed by a two-term progressive NDP government. When former housing minister David Eby took the reins from then-Premier John Horgan (who stepped down due to health issues), a notable shift was immediately enacted.

Eby came at housing policy extremely aggressively. Like or dislike the NDP, there is little argument that Eby arrived well-qualified to tackle the issues. Aside from ample ministerial and attorney general experience, he spent the early years of his career working with the PIVOT Legal Society, a Downtown Eastside non-profit that provides legal advocacy for the impoverished, and the B.C. Civil Liberties Association.

This was a case of a leader ascending to power with a hands-on background and the will to enact immediate steps to contain supply and affordability challenges paired with rampant drug issues and homelessness. What has transpired over his 22 months in power thus far is a litany of aggressive policies. Municipal housing targets, major rezoning, outlawing of short-term rentals and strengthened tenancy rights, to name but a few. 

B.C.’s housing system changes’ billion-dollar consequences should create heavy burden of responsibility

If there’s a notable criticism of Premier Eby leading into the election (and it’s one that will dog him in the months to come), it’s that he has ruled with an iron fist in a velvet glove. Repeatedly, this administration has acted more like a non-profit activist than a balanced government. Often over-focused on certain demographics while negatively portraying others, ignoring mayors and city councils concerned by the dictated pace of development and lack of matching infrastructure funding, protecting tenants with heavy-handed measures while ignoring the needs of the perceived privileged landlords — who are often just struggling families with a rental suite, not faceless corporations.

In short, it’s a complex housing ecosystem in B.C. and it needs to be navigated with extreme caution. Any change can have billion-dollar consequences, and that should create a heavy burden of responsibility. I don’t see enough of that burden with this government and that concerns me. 

So, what do we need going forward? 

Actual collaboration

If we’re going to take all the rhetoric out of the housing crisis and get down to actually building solutions, then the issue requires the proper resources to tackle it. Whatever party takes power, they need to establish a Permanent Housing Roundtable immediately made up of 12 or so carefully chosen policy experts selected from across the housing continuum of market, non-market and Indigenous housing.

Let’s dwell for a minute on who is currently drafting our legislation. As it currently stands, both federally and provincially, a collection of policy analysts staff the respective housing ministries. These are people transferred in either fresh from post-secondary graduate programs or shuffled over from other ministries with little on-the-ground experience. The reality at both the federal and provincial levels is that these staffers are not nearly equipped with the knowledge to tackle the size of the issues under analysis. And the policy we are seeing is reflective of that. The ideas often have merit but the execution is littered with problems.

The only successful path forward is to gather a well-stocked working group of those with years of experience drawn from housing policy work in the private and non-profit sectors to work in collaboration with the government. This would add significant bench strength to the policy teams and would avail the opportunity to pressure-test new legislation before it’s announced for unforeseen consequences. 

Significant tax reform

Housing in B.C. has so many taxes heaped upon it that we need Robin Hood to rescue us. The review and repeal of some of the taxation overburdening the B.C. buyer since 2016 could immediately and significantly lower the cost of housing, as a huge percentage of the cost of housing is pure taxation. For example, the Property Transfer Tax was initially a wealth tax for the top 5.0 per cent of sales but now applies to virtually everyone. There is also the lack of transparency around how taxes are used, as most of it disappears into “general revenues”. 

In addition, significant focus needs to be placed on investor incentivization. This government doesn’t seem to distinguish between “speculative investment”, which they demonize, and all other categories of investment, which our economy is highly dependent upon. Furthermore, they need to stop using developers as a piggybank. Developers are not the solution to every municipal budget shortcoming that crops up amid supply expansion. 

Provincial trades education to offset immigration

It has frequently been said that high immigration numbers are necessary to import the skilled tradespeople needed to expand housing supply across the province. The Feds, however, have begun reining back record-high immigration as its causal effect on national housing pressures becomes more and more apparent.

The government’s Labour Market Outlook estimates about 65,000 openings over the next 10 years in the construction sector, with 55,000 necessary just to offset retirements. To tackle these issues, B.C. can set about incentivizing the next generation of skilled trades labourers in the province — start offsetting tuition costs, offering high school feeder programs, initiating recruitment campaigns for youth, expanding facilities at the B.C. Institute of Technology, etc. 

There is real job opportunity in B.C.’s housing trade sector for years to come. Why not focus on getting new graduates into these programs and upping trade graduate numbers ten-fold over the next decade? 

Foreign buyer ban exemptions

The Foreign Buyer Ban was a slick-sounding federal policy implemented in January 2023 that had very little statistical impact on anything. A major add-on negative for B.C. is that several ski hills (which happen to be incorporated as municipalities) all got captured in this ban.

Ski hills are a critical part of the B.C. tourism sector, already struggling to recover from a multi-year COVID-19 shutdown and then a terrible 2024 season. Now, to protect housing supply, foreign investors can’t invest in ski condominiums? The incumbent provincial government needs to prioritize working with the federal government to get this sorted ASAP in advance of the next ski season. 

Axe the rescission period

Allowing buyers three days to back out of a potential home purchase they have willfully entered into was and continues to be a bad idea. As adults, we all understand the responsibility that comes with purchasing property, and back-out clauses already exist in pre-defined categories. 

The rescission mechanism was put in place to overly coddle the buyer, treating them as ignorant innocents in a competitive market. What it neglects to account for is the symbiotic relationship between buyer and seller. These are intertwined roles, and once a house sells, the seller, in turn, typically becomes a buyer. Allowing “I changed my mind” back-outs of offers with no particular justification is a heavily disruptive tool that causes more harm than good. 

Short-term rental exemptions

Over-focus on housing supply at the cost of the regional economy is not well-thought-out policy. Tourism is still recovering post-COVID-19. Our wine regions are hurting. Multiple ski regions are beaten down by unintended foreign homebuyer bans. And now short-term rental stock is stomped out for theoretical transformation to permanent rental stock?

The data isn’t agreeing and hotels across the province have never cost more. Post-election, the government needs to start working out a litany of exemptions based on season, region, zoning and support of critical sectors such as remote medical workers, people travelling for medical care, film industry employees and students. 

Looking ahead

Regardless of who wins this election, B.C. can solve the challenges before it. To do so, it’s high time partisan politics were extracted from housing policy.

Let’s gather the smartest policy minds in the province. Let’s craft public-private collaboration. Let’s work together. And let’s get this done.

Please note that it’s BCREA policy to not respond to comments on any of its online articles.

Century 21 Assurance Realty recently announced it will open two new offices in British Columbia’s growing southern Interior region — one in Kamloops and the other in Vernon.

With two offices and 100 agents in Kelowna and Castlegar, the brokerage has been a part of Century 21 Canada since 2004.

One of the company’s owners, Anna Carbone, says there’s a lot of opportunity in the area as more cities outside of the Lower Mainland continue to see growth. “Communities in the B.C. Interior have seen a lot of development over the past few years, and we’re really excited to help B.C. Interior agents and clients with our local knowledge and support systems.”

Co-owner Max Carbone explains that since markets in bigger cities are experiencing low inventory, more families are exploring other cities. “We are grateful and excited about the agents joining us in Kamloops and Vernon and we’re confident that many more will appreciate the value of our tools and training programs, so we’re ready to hit the ground running,” he adds.

Set up for success in a competitive market

Century 21 executive vice president Todd Shyiak sees a lot of growth potential in the region and shares, “Max and Anna have a strong vision for how they want to grow their operations and we’re excited to support them. It’s a competitive market throughout the province, but their experience and collaborative mindset combined with our innovative tools will equal success for C21 Assurance in the near future.”

Photo: Assurancerealty.c21.ca