BCREA Supports Housing Funding for Middle-Income Families, Encourages Additional Supply-Side Action
For Immediate Release
Vancouver, BC - April 19, 2021. The British Columbia Real Estate Association (BCREA) welcomes the province's recent announcement that $2 billion in development financing will be committed to the HousingHub program to help create affordable housing choices for middle-income families.
"With home prices having risen over the last decade and that trend continuing, we know securing housing - whether through ownership or rental - is not easy," says BCREA CEO Darlene Hyde. "This type of action, which focuses on adding supply to meet overwhelming housing demand, is a meaningful step in the right direction. But of course, there's more work to be done."
Housing prices in BC have risen 52 percent since 2012, and these costs are often passed on to home buyers and tenants. While there are many factors - like interest rates - which affect housing prices, one of the biggest factors is the limited housing supply relative to the demand.
BCREA encourages the province to continue to focus on supply-side measures in order to create more housing options for the people of BC. These measures might include, but are not limited to, reducing public hearing times in the development approvals process, as well as leveraging transportation funding to encourage gentle densification.
"There isn't a silver bullet when it comes to housing affordability," adds Hyde. "But there is a clear way forward and that is evidence-based policy focused on creating more housing options for British Columbians. We are pleased to see the government's action with the HousingHub commitment and we look forward to working with the government on future action."
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For media inquiries contact:
April van Ert
BCREA Communications Manager
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