The market is seeing a sustained lack of affordability and supply, according to market players
A coalition of organizations involved in the housing market has called on the British Columbian government to establish a permanent housing expert group that will address the ongoing crisis, according to the BC Real Estate Association (BCREA).
Such an intervention would be particularly helpful as the market is labouring under higher housing costs, elevated interest rates, and sustained scarcity in the inventory.
Trevor Hargreaves, senior vice president of policy research and advocacy at BCREA, said that top provincial officials like Premier David Eby have already expressed willingness to implement policies that will directly address BC's long-running housing issues.
“What’s lacking here isn’t new ideas, but process,” Hargreaves said. “We’re calling upon government today to create a permanent housing roundtable that will add more rigour to the policy-making process in BC and create a structure that better utilizes the broad collection of expertise within the market and non-market housing organizations that can be brought to the table.”
Closer collaboration between housing experts, governments, and non-market groups will ensure the creation of a more thorough review and advisory panel that can sift through new ideas, policy, and legislation.
“On-the-ground real estate expertise is underutilized in the policy process,” Hargreaves said. “The only outcome here would be stronger and more effective housing policy.”
