The solution to creating housing affordability is having the private sector build more

B.C. Liberal leader says private sector development will help housing affordability

Andrew Wilkenson spoke in Kelowna during a real estate conference

More than 150 people gathered at the Laurel Packing House in Kelowna, Wednesday, to hear the latest findings on real estate in the Okanagan from HM Commercial Group.

The event focused on housing affordability for all British Columbians, with Andrew Wilkinson, Leader of the B.C. Liberal Party and Andrey Pavlov, from the Beedee School of Business at Simon Fraser University, as keynote speakers.

According to Pavlov, the issue surrounding affordable housing is a lack of supply, caused by government regulation.

“Most recently the speculation and vacancy tax is playing a major role in reducing supply because it makes it harder for developers to make the economics work,” explained Pavlov. “All the taxes and government intervention may help in the short term but over the long run we still have population growth and people wanting to come here (B.C.), if we don’t build more we are only going to worsen affordability going forward.”

Wilkinson agreed that the speculation and vacancy tax penalizes developers more than it assists.

“What we have said is get a real speculation tax, get rid of this phoney one, and put one (a tax) on those who flip contracts and condos, that is a real speculation tax,” argued the Liberal leader.

READ MORE: Okanagan real estate team releases report on housing affordability

Both, Pavlov and Wilkinson noted B.C. continues see an increase in population which is not something that is going to slow down anytime soon.

“About 50,000 to 60,000 people move to B.C. every year and establish themselves,” said Wilkinson. “We need to create more housing and the private sector needs to build it and our municipalities need to plan for it. In some cases that means bigger buildings and more density.”

Wilkinson said the B.C. Liberals are in favour of the private sector playing a role to help improve housing affordability.

“We cannot have the government trying to house a million people, the NDP may think that way but it’s never going to work.”

READ MORE: Governments lose revenue as housing sales drop in Okanagan

Pavlov also said he believes that the government should step back and remove restrictions on the supply of housing so private developers can step in.

“The prices of houses are high because we don’t build enough, so the solution is to build a lot,” he explained. “Even if we build luxury apartments and houses, that is fine because we are increasing supply and this will mean prices will fall or at least not increase.”


@Jen_zee
jen.zielinski@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Aldergrove athlete now able to play as himself in favourite childhood video game

Joel Waterman was inducted into the popular FIFA 20 franchise in January

Langley chamber goes online for virtual conference

A meeting about HR and the coronavirus will be held via Zoom

VIDEO: Dog missing in Aldergrove since winter sees his family again for the first time

Aldergrove helped find Buster, says dad, who has now witnessed ‘the power of social media’

Doorstep donation pick-up in Aldergrove seeks to quell food bank’s short supply

Early April initiative allows locals to do good while in self-isolation, thanks to Jodi Steeves

Western Lacrosse Association delays start of 2020 season

‘Revised schedules have been drafted’ announcement says

First Nations, remote communities need special attention in pandemic, Freeland says

Health-care workers, seniors, Indigenous Peoples some of people most at risk, health officials say

Call before you dig into spring projects during isolation: BC 1 Call

BC 1 Call gives free checks for utilities in the area of a desired outdoor project

B.C.’s intersection speed cameras putting more tickets in the mail

One Nanaimo location delayed after speed limit reduced

Coquihalla closed in both directions, medevac to land

DriveBC says drivers should expect delays of up to one hour

B.C. records five new COVID-19 deaths, ‘zero chance’ life will return to normal in April

Province continue to have a recovery rate of about 50 per cent

Catalytic converters stolen from ambulances being repaired in Delta

The thefts were reported on March 31, and police say they have no suspects at this time

B.C. teen donating stem cells for brother’s second fight with cancer

Chilliwack’s Fleming family appealing to the public to look into stem cell donation

High cost, limited coverage for asthma medicine a concern during COVID-19 pandemic

B.C. man says he skips puffs to save money, but others have it worse

B.C. man sick with COVID-19 calls it a ‘horrible disease’

Tim Green says he has ‘extreme coughing fits every hour’ to clear his lungs

Most Read