(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.

Just Posted

East Kootenay illicit drug overdose deaths lowest in B.C.

Local expert credits harm reduction efforts; declares support for legalization of opioids

Donations pouring in for injured Fernie man

GoFundMe page for Rick Kennedy reaches $17,639

Fernie’s Sam Goodison representing Alberta at Canada Winter Games

Fernie’s Sam Goodison will be representing Alberta at the upcoming Canada Winter… Continue reading

RDEK takes steps towards reducing carcass pit use

The first step towards addressing the issue of carcass pits in the… Continue reading

Ghostriders head coach Jeff Wagner commits to another two years

Fernie Ghostriders head coach Jeff Wagner has committed to another two years… Continue reading

B.C. students win Great Waters Challenge video contest

Video, mural and song about saving the salmon claims the top prize

GALLERY: Fernie Ghostriders get their home game mojo back

Riders post 6-1 win over Columbia Valley Rockies; prepare for playoffs

James says B.C. budget puts priorities on NDP’s poverty, environment plans

She said she expected the government’s poverty reduction and climate change strategies to be priorities in the budget

PHOTOS: Day 1 of the 2019 Canada Winter Games in Red Deer

Games kicked off in Red Deer this week

Ammonia leak shuts down curling club in Nelson

It’s not yet clear when the leak was detected

Pavelski’s 31st goal helps Sharks top Canucks 3-2

Vancouver one point out of second NHL wild-card spot

Columbia Valley RCMP searching for misisng person

Police ask for help in finding Elizabeth Stewart, who hasn’t contacted family since Jan. 14

Eight cases of measles confirmed in Vancouver outbreak

Coastal Health official say the cases stem from the French-language Ecole Jules Verne Secondary

Ontario police field complaints over Amber Alert for missing girl, 11, found dead

Some said the Amber Alert issued late Thursday for Riya Rajkumar disrupted their sleep

Most Read