1 on 1 with BCREA CEO Trevor Koot

Housing affordability is an issue that affects people all across British Columbia in all different financial situations – whether renting, buying, or trying to move up the housing ladder. Because of this, finding solutions is no easy task.

Both the provincial and federal governments have pulled many levers in recent years, from new taxes to bans on foreign investment. And both levels of government still talk as though they’re one policy announcement away from significantly rectifying these major issues.

But sadly, the reality is much more complicated, and these efforts haven’t had an appreciable effect. Many people still struggle to find adequate housing at a price point they can afford.

The unfortunate truth is that no one “fix” is going to solve the overall housing environment in British Columbia. Improving affordability is going to be a lengthy and uncertain process built upon many incremental changes and policies.

So, maybe it’s time we stop looking for a “fix” that’s one-size-fits-all and we start looking at a goal.

There is widespread agreement across the housing sector that what we need is more housing supply. Collectively, we know that. We talk all the time about the number of homes needed to match the population in the coming years.

But it’s not going to come from one source or from one groundbreaking piece of government legislation. In fact, focusing too much on the sheer number of homes needed can make the challenge appear insurmountable.

With that in mind, here’s an idea that I and others have proposed. When we talk about restoring affordability, let’s focus on one thing: More housing completions this year than last year. And more housing completions next year than this year. And so on, year after year.

There is never going to be one magic bullet. But a series of carefully implemented policy changes over time will achieve notable positive change.

At the BC Real Estate Association, we’re committed to the goal of a province housed. We hope the provincial government, the housing sector, and all stakeholders join us in this effort – to keep building, year after year, until we reach this goal.