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

Troll Grandfather bridges gap in Vernon

Spotlight Kids’ Series show comes to town Sunday

SS Freestyle seeks new home in Vernon for fall 2020

Trampoline regulations have forced freestyle club out of its current bounce house

Armstrong fair chooses 2020 theme

All things vegetable to be celebrated in 2020 with the theme Our Roots Run Deep

Drug stores team up for Vernon hospital foundation

Burger and beer fundraiser to raise cash to help women’s health

Conservative candidate Tracy Gray wins Kelowna-Lake Country

The Canadian Press declared her the winner around 8:30 p.m.

Conservative Dan Albas wins Central Okanagan-Similkameen-Nicola

Supporters for candidates gather in West Kelowna to watch election results

Second young woman dies after rollover crash near Williams Lake

‘Someone’s going to get her heart, which is awesome, because she has the best heart in the world’

Google searches for ‘how to vote’ surge on Election Day

Interest spikes despite social media campaign by Elections Canada

Kelowna council opposes ‘racist’ Quebec secularism bill

The city joins Calgary, Montreal, Victoria, Kitchener and Brampton in condemning the bill

Alberta man pleads guilty, fined for hunting without a licence in North Island

It’s the responsibility of each hunter or angler to know whether they are considered a B.C. Resident.

Sentencing date set for former West Kelowna teacher charged with child luring

Former Mount Boucherie teacher Bradley Furman will be sentenced on Dec. 16

New trial ordered for Salmon Arm optician convicted of sexually assaulting 14-year-old boy

Kenneth Pilkington was ininitally found guilty of the offense

Most Read