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.

Just Posted

Grandparents raising grandchildren: Salmon Arm grandma sees need for support

Peer group formed for those who have unexpectedly taken on the role of parenting

Consultant scopes out sites for Salmon Arm sewage treatment upgrade

Water pollution control centre gets closer to needing an update

Man sentenced in Salmon Arm to one year in jail for luring adolescent girls

Offence took place online, sentence conditions include restrictions on contact with people under 16

Applicant behind proposed South Shuswap pot shop addresses concerns

Survey to determine public support for Blind Bay’s Copper Island Cannabis Co. due Dec. 9

Concerns remain for reconfigured Highway 1/Balmoral intersection

Province announces upgrade completion, public’s attention drawn to frontage roads

VIDEO: A brief history of bumps in the Trudeau-Trump relationship

Remember Peter Navarro saying ‘there’s a special place in hell’ for a foreign leader who aims to cheat?

Half of shoppers say they have no holiday spending budget

B.C. consumers surveyed estimate they will spend $921 this season

COLUMN: Light holiday movies, filmed here in B.C.

How is it possible to come up with so many holiday-themed movie scripts each year?

Penny the Vernon pitbull works on her fitness

BC SPCA Vernon celebrates Penny’s milestones on social media

Shooting victim’s son-in-law sentenced for vandalizing B.C. home of alleged killer’s wife

Zachary Charles Steele, son-in-law to Rudi Winter, pleaded guilty to mischief over $5,000

Falkland shootout suspect has lengthy criminal record

Williams Lake RCMP issued a warrant for Darwyn Sellars’ arrest on Nov. 4, 2019

Okanagan students come out of the cold to stage Frozen Jr.

Centre Satge performance brings Disney favourite to life

Man killed in crash due to ‘absolutely treacherous’ conditions on Coquihalla

Winter means icy roads are dangerous and drivers should be careful, RCMP say

Bag of cocaine left in B.C. grocery store aisle

RCMP: ‘We sure would like to talk to’ person who left drugs behind

Most Read