(The Canadian Press)

High-end B.C. house prices dropping, but no relief at lower levels

But experts say home ownership remains out of reach for many for middle- and lower-income families

The British Columbia government says it’s already seeing positive results from the policies it put in place to address the housing crisis, but one expert says there’s still a long way to go.

Housing Minister Selina Robinson says the government is seeing some high-end house prices starting to drop.

“Right now we’ve got the speculation and empty home taxes, so part of what we need to do is monitor the impact that it has and continue to see what it does,” Robinson said in an interview Sunday.

But Andy Yan, the director of the City Program at Simon Fraser University, says that while very expensive houses are starting to show a decline in price, the numbers haven’t translated to mid- and lower-level units.

“Sixteen months is a little bit premature to know whether the polices are a success or failure,” Yan said, referring to the approximate time the NDP minority government has been in power.

“But the softening of the market and cooling of the market is something that is definitely happening.”

He said despite that softening, home ownership remains out of reach for many for middle- and lower-income families.

READ MORE: B.C. asking for tips on ‘dirty money’ in horse racing, real estate, luxury cars

To tackle the issue, the provincial government is investing $7 billion on affordable housing over the next 10 years, and has developed a 30-point plan to increase affordability.

However, Yan said some of the announcements made by the government are just that — announcements.

“They are not actual shovels in the ground yet,” he said.

While there is some actual construction going on, he said it’s still going to take years before the promises take the shape of homes that people can move into.

“It will take a combination of supply and demand policies to really get us out of the housing crisis mess,” he said.

Meantime, B.C. Premier John Horgan says the housing crisis didn’t happen overnight — and it won’t resolve overnight.

Addressing attendees at a housing conference in Vancouver on Sunday, Horgan said the government will have to work with partners including Indigenous communities, transgender and social justice advocates and women’s groups to resolve the crisis.

Horgan said it’s not just affecting those who have small incomes, but is creeping into the middle-class too.

He said his government is doing its best to ensure that critical work staff such as teachers, nurses and construction workers have houses so that they can build the economy.

British Columbia should not be a place to fear because of unaffordable housing, Horgan said.

Hina Alam, The Canadian Press


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

Comments are closed

Just Posted

Fernie city council approves reopening of outdoor recreation spaces

Staff from the City of Fernie recommended that a non-medical cannabis retail… Continue reading

Local conservationists clean up public land near Galloway

Twenty members of the community volunteered their time for the clean up effort

Wildsight turns a sour situation into sweet online learning

The group is offering a variety of resources for home learning

Chamber launches localized workforce attraction website

The Work in Fernie website intends on bringing workers to the Elk Valley during the off season

Fernie Heritage Library sparks sweet summer fun

The library hosted their annual Lemonade Social on June 24

QUIZ: A celebration of dogs

These are the dog days of summer. How much do you know about dogs?

Police ramp up efforts to get impaired drivers off B.C. roads this summer

July is dedicated to the Summer CounterAttack Impaired Driving Campaign

Migrant workers stage multi-city action for full status amid COVID-19 risks

‘COVID-19 has exacerbated an existing crisis’

Okanagan school drops ‘Rebels’ sports team name, citing links with U.S. Civil War

Name and formerly-used images “fly in the face” of the district’s human rights policy, says board chair

PHOTOS: B.C.’s top doc picks up personalized Fluevog shoes, tours mural exhibition

Murals of Gratitude exhibit includes at least one portrait of Henry alongside paintings of health-care workers

In troubled times: Independence Day in a land of confusion

Buffeted by invisible forces and just plain worn out, the United States of America celebrates its 244th birthday

Stop enforcing sex work laws during COVID-19, advocates say

There are provisions in Canada’s prostitution laws that make workers immune from prosecution, but not from arrest

Liberal party finished 2019 having spent $43 million, raised $42 million

All political parties had until midnight June 30 to submit their financial reports for last year

B.C. teacher loses licence after sexual relationships with two recently-graduated students

The teacher won’t be allowed to apply for a teaching certificate until 2035

Most Read