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HomeNewsIsland & CoastPremier’s affordable housing plan to increase home supply, more action needed: Economist

Premier’s affordable housing plan to increase home supply, more action needed: Economist

An economist says B.C. premier David Eby’s affordable housing plan will help boost the number of affordable homes in two ways as we head to the new year.

In late November, Eby made a housing announcement to create more affordable homes across the province, with one of the steps being eliminating restrictions on strata buildings.

Canadian Centre for Policy Alternatives senior economist Marc Lee says that while that is a good thing, it doesn’t affect that many units.

“The one concrete measure that’s been brought forward so far, is eliminating restrictions on older strata buildings, preventing people from renting them out,” said Lee.

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“I think that’s a positive development, but in its total magnitude, it’s not particularly large, even the Premier anticipated that it would be under 3,000 units added to the stock.”

Other changes that Lee brought up include the push for all parts of the province to table housing plans that increase their supply, which he thinks is a step in the right path.

“I think that’s generally in the right direction, but it’s also a long game,” added Lee.

“It’s not going to build any housing immediately, and it definitely creates a better playing field, and a better relationship going forward in terms of expectations.”

One thing that he feels is missing is a big push to support the development of non-market rental housing by the provincial government as the budget comes closer.

He adds that 10,000 to 20,000 affordable units per year is what’s needed to aid supply.

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