Experts offer affordability solutions at Board of Trade housing forum | www.rebgv.org

Metro Vancouver’s municipalities need to reduce costs and processing times for building homes while increasing the variety of “missing middle” housing that’s so clearly lacking in today’s housing market. 

That was the message from Real Estate Board of Greater Vancouver President Phil Moore at the Greater Vancouver Board of Trade’s housing forum on May 25. 

“We need to make our region more streamlined and responsive to the housing needs of its residents,” Moore said. “There’s no quick fix. We can’t tax our way to affordability, nor only build our way there.”

Moore's presentation was part of over four hours of discussion from key real estate stakeholders on the affordability challenges we face in our region today.

Other experts included Urban Development Institute (UDI) CEO and President Anne McMullin and BC Housing Minister Selina Robinson.

Minister Robinson opened the event with a keynote presentation. She discussed her government’s 30-point housing plan announced in February.

Robinson said these measures are helping to “curb demand and stabilize prices.” The provincial government has also pledged to invest $6.6 billion over 10 years to create 114,000 affordable homes in the province.

On the speculation tax, Robinson said that 99 per cent of British Columbians won’t pay the tax. But the finance ministry revealed earlier this month that two-thirds of home owners hit by the tax will be British Columbians.

UDI CEO and President Anne McMullin said the tax will also apply to development lands. According to McMullin, this will increase the cost to build new housing.

“The speculation tax and school tax increase will add $20,000 in development costs for a condo and $30,000 for a townhome.”

With Metro Vancouver’s population expected to grow another 24 per cent by 2041, more collaboration to meet the region’s current and future housing needs was a common theme at the event.

Click here to view more photos of the event.

  
 
 

REBGV President Phil Moore

 
  BC Housing Minister Selina Robinson