In case you missed it, the Stakeholder and Government Relations Committee (SGRC) of the Fraser Valley Real Estate Board (FVREB) issued a position statement a couple of weeks ago in response to the BC government’s housing strategy. The statement, entitled Striking a Balance in British Columbia’s Housing Plan, reflects the Board’s view of the plan’s shortcomings and outlines measures it believes could significantly enhance the prospects for long term.
“The BC government is working hard to grapple with the housing challenges this province faces,” said FVREB Director and SGRC Chair, Tore Jacobsen. “As innovative and aggressive as its initiatives may be, we feel they have not developed equally robust strategies to address key areas inextricably linked to the issues of housing supply and affordability. The housing crisis cannot be solved in a vacuum. Without commensurate levels of scrutiny on infrastructure issues, wage disparity or immigration policy, which are fundamental to the underlying framework that drives the housing market, the broader goals of Homes for People, risk falling short.”
The Committee proposed that the government pursue in tandem and simultaneously three concurrent strategies:
- Infrastructure Strategy – to address the costs and development of the increases in infrastructure and services that will undoubtedly be required as density increases. This must be implemented in tandem with increasing housing quotas to avoid issues and higher costs in the future.
- Income & Wage Gap Strategy – fundamental to the noon of affordability is the need for equity between the income British Columbians earn and the cost of living in this province. Until greater balance is effected, we will continue to see emigration and economic disparity.
- Immigration Strategy – we must manage housing supply, both new and existing, through the prism of population growth if we want to stay ahead of the curve. With aggressive immigration targets in the coming years, it is unclear how the government’s plan accommodates both existing residents who are struggling to find affordable housing and newcomers.
“It is important to recognize that these are not intended as criticisms of the government’s efforts – indeed, the BC Government is breaking new ground when it comes to housing solutions,” said Jacobsen. “Rather, our intention is constructive and aims to expand the dialogue, and with it, the scope of potential solutions to encompass the fullness of the socioeconomic realities in which our housing challenges exist.” Read the full position statement at Striking a Balance in British Columbia’s Housing Plan.