2023 Throne Speech Outlines BC Government’s Housing Priorities
TAGS: Government Announcment Housing Policy Housing Supply
On February 6, 2023, Lieutenant Governor Janet Austin opened the fourth session of the 42nd parliament with a Throne Speech outlining Premier Eby’s governmental priorities.
While vague in specific policy deliverables, the Throne Speech outlined several broad initiatives directly impacting BC’s real estate sector.
Increasing Housing Supply
Budget 2023, which is set to be tabled on February 28, 2023, is promised to make record-level investments in housing for middle-class families. Pointing to investment and speculation as primary causes of rising housing costs, the government plans to invest in increased housing supply and services near transit hubs province-wide.
The provincial government also intends to launch a refreshed housing strategy and work with local governments and stakeholders to ensure this strategy results in more affordable homes for middle-class families, seniors, and those with the greatest need. The fall session will introduce laws to turn this strategy into new affordable housing.
Throughout the above-noted consultation process, BCREA is committed to advocating on behalf of BC REALTORS® and ensuring the voice of REALTORS® is heard loud and clear.
The Throne Speech reiterated the BC government’s commitment to supporting “people who work hard and play by the rules.” It announced that legislation will be introduced to crack down on money laundering. This legislation will likely be inspired by the Commission of Inquiry into Money Laundering in BC’s Final Report.
The government promises that this year’s multi‑billion-dollar surplus will be used to support British Columbians “now and for the long term,” so we can expect many new initiatives from the BC government in the coming year.
We understand the importance of staying informed and educated on policy matters that directly impact BC REALTORS®, and we are committed to keeping you informed on the latest policy developments.
As the new provincial government rolls out these new initiatives, we are dedicated to staying at the forefront of these changes and providing REALTORS® with policy updates.
Please refer to the full Throne Speech here for more information on Premier Eby’s key governmental priorities.
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