BCREA says there continues to be ‘municipal bottlenecks, failed policy and disappointed homebuyers’

The British Columbia Real Estate Association has gone on record that regardless of how the election turns out, nothing will change.

The association noted that there will be “municipal bottlenecks, failed policy and disappointed homebuyers” if the government does not change its current state of messaging on real estate. The BCREA states that there needs to be a federal housing strategy that incentivizes municipalities to speed up development approvals.

“What we’ve seen promised so far falls short of what is needed to make a significant, long-lasting impact,” the association’s CEO Darlene Hyde said. “It is important for our new government to make creating a comprehensive housing strategy focused on increasing supply an immediate top priority.”

BCREA added that building affordable housing “without detailed plans on increasing supply across the housing spectrum, without detailed plans on increasing supply across the housing spectrum these measures will likely be met with disappointment as prospective buyers will experience a market that can’t meet their demand, causing continued upward pressure on prices.”

“We know through our assessment of the current and historical market conditions that there just aren’t enough listings to satisfy demand. To truly improve housing affordability and help British Columbians and Canadians get in homes, increasing supply is where the focus needs to be. Working with municipalities is essential in achieving this,” said the British Columbia Real Estate Association’s economist Brendon Ogmundson.

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