​REALTORS® are known for being self-starters and go-getters; people persons and relationship builders; expert negotiators and problem solvers; and caring individuals who help their neighbours and support local community groups and charities in countless ways. 

More than 160,000 REALTORS® live and work in communities across Canada. Just imagine if Canadian REALTORS® and the REALTOR® association community were to unite and use their collective expertise and skills to help address some of the most pressing social and environmental challenges together. 

Picture yourself wearing your REALTOR® pin and knowing it represents being part of an industry that is not only making home happen for Canadians but also committed to creating a better tomorrow for all. This is the big idea behind the Canadian Real Estate Association’s (CREA) recent adoption of social purpose, building on the positive contributions REALTORS® are already making every day.

About social purpose

Social purpose is a growing governance best practice for organizations of all kinds, including associations. Not to be confused with vision or mission statements, legal responsibilities or goals, social purpose is an organization’s reason to exist while optimally contributing to the long-term well-being of all people and the planet. A social purpose statement is tied to the core of the organization and is essential to its culture and how it operates. 

There are many benefits and a strong business case for associations like CREA to be purpose-driven, including: 

• ensuring long-term relevance; 
• demonstrating leadership; 
• raising brand visibility and enhancing reputation; 
• attracting and engaging members; 
• fostering collaboration with partners; 
• attracting board members and staff; and 
• supporting members in their own quests for purpose.

CREA’s new social purpose statement

Two years ago, following direction from the CREA Board of Directors, CREA’s ESG (Environmental, Social and Governance) Committee set out to define a social purpose for the association. The Committee engaged leading Canadian social purpose expert Mary Ellen Schaafsma of Purpose Pathways Consulting for guidance and oversaw an eight-month process that involved consultation, discussion, and collaboration with fellow REALTORS®, board and association staff, and external stakeholders. 

Through engaging workshops and interviews, these members and stakeholders were consulted on what CREA and its membership offer the world, what the world needs, and the intersection between the two. They were asked for insights on how CREA could use its core competencies and assets to make the best possible impact for the benefit of its REALTOR® members, their businesses, their communities, and the world around them. The input they provided was analyzed and core themes emerged, which were then refined into an overarching statement and underlying narrative.

In early 2024, CREA unveiled its new social purpose statement: CREA opens doors to thriving futures for all, beginning with home. It’s premised on four fundamental beliefs:

1. housing is a human right; 
2. home fosters human dignity and belonging; 
3. a healthy environment is critical to a thriving future; and 
4. collaboration is the key to unlocking positive change. 

CREA’s purpose journey continues

While the activation and integration of CREA’s new social purpose will be a long-term journey, CREA’s volunteer leaders are already appreciating the preliminary impact of this new “North Star” for the association.

For Amar Badh Singh, ESG Committee member, it validates his own personal purpose and strengthens his feeling of connection with the greater REALTOR® community. “For me, being a REALTOR® has always been about more than just helping clients buy and sell homes,” Badh explains. “CREA’s new social purpose really resonates with me and inspires me to continue doing my part to build community rooted in resilience and optimism.”

For James Mabey, CREA Board Chair, social purpose has already proved to be a valuable decision lens and reminder of our association’s values. “Our new social purpose statement helps expand our Board’s thinking about what we REALTORS®, our stakeholders, and our partners can do together to make the positive changes we want to see in the world. We added the social purpose statement at the top of every Board meeting agenda package, apply it to key discussions at the board table, and we’re looking forward to having it front and centre during our strategic planning later this year.”

The announcement of CREA’s new social purpose has also drawn attention from outside of the industry. “CREA has taken a bold step by adopting their new purpose,” says Coro Strandberg, President of Strandberg Consulting and one of the Founders of the Canadian Purpose Economy Project, which aims to accelerate Canada’s transition to the purpose-driven economy. “This could pave the way for social purpose to flourish in the real estate sector, driving social outcomes in communities, one homeowner at a time.”

Learn More

To follow CREA’s social purpose journey and learn about ways to get involved, visit CREA.ca/purpose.

The housing industry knows this story all too well: prices are soaring and demand (until recently) has been relentless yet projects are stalling. The blame often falls on high land values or developer greed, but the real culprit is clear to anyone in the sector—it’s the staggering cost of delivering new homes.

The numbers are sobering. The Canada Mortgage and Housing Corporation (CMHC) says that we need to build 5.8 million new homes by 2030 to restore affordability to 2004 levels. If successful, that would mean that a newly built 1,000-square-foot, two-bedroom condo in downtown Vancouver would sell for $620,000 instead of the $1.5-million that it currently does. 

But here’s the reality: even if land were free and developers waived their profits, that condo would still cost more than $1-million to build. In Toronto, it’s a similar story, with hard costs alone pushing the price beyond $800,000.

By the numbers

Here’s how the numbers break down for that $1.5-million Vancouver condo:

• $294,000 (20 per cent) is for land acquisition
• $490,000 (32 per cent) is for hard costs (i.e. labour, building materials)
• $102,000 (7 per cent) is for soft costs (i.e. architectural designs, legal fees)
• $92,000 (6 per cent) is for marketing and realtor commissions
• $77,000 (5 per cent) is for finance charges and loan interest
• $267,000 (18 per cent) is for government taxes and fees
• $178,000 (12 per cent) is the gross profit margin required by banks to provide financing

(Numbers rounded for clarity)

Climbing costs lead to stalled projects

This isn’t news to anyone in the industry. What’s alarming is how quickly these costs are climbing, forcing projects to stall or fail altogether. In Vancouver and Surrey, B.C. alone, 58,000 homes are paused because the cost of delivering them exceeds what buyers can pay.

So, if the affordability crisis is really a cost-of-delivery crisis, what can be done? While macroeconomic factors like interest rates and global material costs are beyond our control, governments hold significant levers to reduce costs and unlock stalled projects.

Three areas of reform stand out:  

1. Reduce financing costs for housing projects

• Allow development cost charges (DCCs) and municipal levies to be paid at the end of a project, rather than upfront. This would reduce financing costs and free up critical capital.
• Exempt DCCs from GST/PST/HST and land transfer tax calculations—double taxation only inflates prices unnecessarily.
• Expand municipal surety bond programs to replace capital-intensive letters of credit, unlocking billions in tied-up equity.

2. Provide stability for developers 

• End the constant churn of new regulations. Introduce in-stream protections so projects already in process aren’t derailed by sudden policy changes or fee hikes.
• Expand the pre-sale period in British Columbia—currently, developers have only 12 months to meet pre-sale requirements for projects to move ahead, resulting in many projects not launching, or failing to meet requirements. This holds housing projects back that would otherwise be able to move forward 
• Establish a nationwide policy moratorium to provide the sector with a stable planning environment for the next five to 10 years.

3. Implement fairer ways to fund infrastructure and amenities

• Create a municipal services corporation for water and wastewater services so that regional districts can borrow and amortize infrastructure costs over time instead of relying solely on development cost charges.

While these changes require government leadership, the industry has a role to play. Developers need to speak with a unified voice, push for sensible reforms, and share the data that demonstrates the urgent need for change. Transparent conversations about what it actually takes to bring homes to market will help shift public perception and rebuild trust in the sector.

CMHC’s affordability target isn’t impossible—but it demands bold action. The time for incremental adjustments is over. If we want affordability to return to Canadian housing markets, we need governments and industry to tackle the true crisis: the soaring cost of delivering homes.

The London and St. Thomas Association of Realtors (LSTAR) board of directors recently announced that Dale Marsh will serve as its chair in 2025.

Marsh moved to London in 1994 and trained as a survey technician. He holds an Accredited Buyer’s Representative (ABR) designation and became a Realtor in 2006. Marsh served on the LSTAR board of directors in 2013, 2014 and 2018.

“2025 is an exciting time for our industry. There is lots of attention on the market and housing supply both locally and across the country,” Marsh said in a press release.

“It’s important that we as an industry continue to engage with all levels of government and community stakeholders to ensure that everyone has a safe and affordable place to call home.”

LSTAR’s 2025 board of directors

Marsh said he looks forward to working with LSTAR’s “fantastic board of directors” to better serve its members, advocate for improved housing attainability and build stronger communities.

Joining Marsh on the 2025 LSTAR board of directors are Past-Chair Kathy Amess, Chair-Elect Robin Tiller, Commercial Director Lisa Lansink and Directors Lindsay Reid, Neda Beaulac, Michelle Orsini, Andy Sheridan, Blair Campbell and Dan Grantham.

“I am honoured to lead LSTAR in 2025 and am committed to addressing the challenges and opportunities that lie ahead. Together, we can make a significant impact on our community and the real estate industry,” Marsh added.

In 2023, Ontario dominated Canada’s housing searches. Last year, Alberta cities like Edmonton and Calgary captured attention, with their more affordable housing and lower living costs, reports Zoocasa.

This trend shows in Canada’s top five searched cities last year: Toronto, Edmonton, Calgary, Mississauga and Vancouver.

Toronto remains the leader, with one-bedroom rents averaging $2,374 and home prices at $1,061,700. Vancouver follows, with Canada’s highest rents at $2,534 and even higher home prices averaging $1,172,100. Mississauga, a city offering more affordable rents at $2,279, remains a key option for those seeking proximity to Toronto’s bustling urban core.  

Ontario’s housing landscape

Ontario continues to dominate real estate searches, driven by its population density and economic opportunities. Cities like Mississauga, Hamilton, Ottawa and Oshawa follow Toronto’s lead:

Hamilton. An hour west of Toronto, it attracts first-time buyers with relatively affordable home prices and rents.  

Oshawa. Known for its budget-friendly condo townhouses, Oshawa appeals to price-conscious buyers who want easy access to Toronto.  

Ottawa. Canada’s capital offers a stable job market, quality of life and affordable housing compared to Toronto. Its proximity to Quebec’s scenic lakes also makes it a gateway to budget-friendly cottage properties.  

Alberta: A practical, more affordable alternative

As living costs soar, Alberta’s cities provide a practical alternative for buyers and renters.  

Calgary. With one-bedroom rents averaging $1,634 and homes priced at $575,600, Calgary blends urban amenities with outdoor adventures. Its proximity to the Rockies and vibrant cultural scene make it a top choice for families and young professionals.  

Edmonton. A standout for affordability, Edmonton offers one-bedroom rents at $1,355 on average and home prices of $395,400, making it one of Canada’s most cost-effective urban centres. Its robust economy and lower cost of living attract investors and first-time buyers alike.  

Who’s driving the market?

Two key demographics are fueling the housing market. 25-34-year-old young professionals and first-time buyers dominate searches, looking for affordability and urban convenience.

As well, 45-64-year-old buyers seek to downsize or assist their children with housing costs.  

Review the full report here.

The Canadian housing market is poised for stability in 2025 as declining interest rates and new lending rules bring buyers back to the market, according to Royal LePage’s Market Survey Forecast. The company predicts the average price of a home in Canada will rise by 6 per cent year-over-year to $856,692 in the fourth quarter of 2025, falling in line with long-term trends. 

Single-family detached homes are expected to see a 7 per cent price increase, reaching a median value of $900,833, while condo prices are forecasted to grow by 3.5 per cent, reaching $605,993. “The backlog of willing and able buyers continues to grow, and upcoming changes to mortgage lending rules will further enhance Canadians’ borrowing power,” says Phil Soper, president and CEO of Royal LePage.

The Bank of Canada’s recent monetary policy shift, from “inflation fighter” to “economy booster” has been a key driver of this optimism, Soper points out. “We saw a marked increase in market activity at the start of the fourth quarter, following the Bank of Canada’s 50-basis-point rate cut,” he notes, adding that buyers, for the most part, believe home prices have bottomed out.

Regional price trends will reflect strong demand

The forecast predicts price growth across all major Canadian markets, with Quebec City leading the way at an expected 11 per cent increase in the price. Edmonton and Regina follow with projected gains of 9 per cent each. Meanwhile, Greater Montreal is expected to see a 6 per cent increase, outpacing the Greater Toronto Area’s moderate 5 per cent gain and Metro Vancouver’s 4 per cent increase. 

“Over the past several months, supply has been building in the Toronto and Vancouver real estate markets as sellers responded to early interest rate cuts by listing their homes. However,  with home prices in these cities remaining high, many sidelined buyers continued to wait for more favourable borrowing conditions,” Soper explains. 

“Flat property prices also reduced the urgency often driven by fears of ‘missing out,’ creating a temporary stalemate where inventory lingered, and buyers hesitated to act. By mid-fall, this dynamic began to shift as buyers re-engaged with the market.”

Expanded lending rules should help first-time buyers 

New mortgage rules set to take effect Dec. 15, 2024, aim to provide greater access to housing for first-time buyers and those purchasing new construction homes. These changes include eligibility for 30-year amortizations on insured mortgages and an increase in the mortgage insurance cap from $1-million to $1.5-million.

“First-time buyers will be the primary beneficiaries of these initiatives, as their ability to borrow more for less with a smaller down payment will help bring them closer to their first home purchase,” said Soper. “We believe the  return of buyers to the market will encourage builders and trigger a wave of new supply, which is  very much needed.”  

Policy and economic factors

There is the potential for disruptions from political changes both domestically and in the U.S. New housing policies following a federal election in Canada, along with the trade agenda of the incoming Trump administration in the U.S., could have ripple effects on Canada’s housing market, Soper flags. 

Outlook for 2025

The strongest quarterly gains are forecast for the first quarter of 2025, driven by an early spring market. National home prices are projected to increase 2 per cent from Q4 2024 to Q1 2025, followed by more moderate gains of 1.5 per cent in the second and third quarters, and 1 per cent in the final quarter of the year.

Soper anticipates 2025 will bring a level of normalcy, “After several years of unusual volatility in the real estate market, key indicators point to a return to stability in 2025.”

Read Royal LePage’s full report, including regional highlights.

The housing affordability crisis is a product of long-standing economic and societal dynamics, deeply influenced by generational behaviors. 

Baby Boomers, often reluctant to downsize or transition to retirement communities, have indirectly contributed to limited housing inventory. This reluctance grew during the COVID-19 pandemic, as these facilities became perceived as high-risk environments. 

While Downsizing was once considered a viable option for older generations, it no longer provides the financial benefits it once did. Statistics Canada estimates 14 per cent of Canadians 65 and older still have mortgages on their homes. Once accounting for Realtor commissions, mortgages and other debts, the disposal equity to buy another home is not the same as it was five years ago.

For instance, a semi-detached home in Toronto averages $980,000, while a condominium costs $615,250, per CREA’s Q3 2024 data. After factoring in selling costs and associated fees, even downsizing doesn’t leave much left for retirement. With life expectancy increasing—Canadians now live, on average, 16 years longer than their parents—retirees face the daunting task of stretching these funds across two decades or more.

Inheriting an unequal landscape

This stagnation in housing mobility means that essential inventory remains locked up, making it increasingly difficult for Gen Z to either inherit or purchase homes from their grandparents or parents. As a result, Gen Z finds themselves in a precarious situation. They are likely to endure higher debt-to-income ratios compared to their predecessors, which complicates the path to home ownership.

Statistics Canada reports that while those under 35 are reducing their mortgage debt through frugality and sacrifices in discretionary spending, such behaviours also suppress broader economic growth in sectors like travel and dining.

Generational wealth—or the lack thereof—further compounds the issue. Without financial support from parents or grandparents, who may not have built enough equity or wealth, many Gen Z individuals must rely solely on their earnings to create wealth and assets—a far more daunting task in today’s economy.

How the financialization of housing is worsening the crisis

Another major hurdle for Gen Z is the financialization of housing. Baby Boomers make up a quarter of the population and own approximately 41 per cent of the homes in Canada, according to Statistics Canada, and increasingly view properties as investment opportunities rather than places to live. 

The Canadian Human Rights Commission identifies this trend as a key driver of rising housing prices. Landlords converting properties into rentals reduce the supply of homes for sale while rising rents further strain younger generations trying to save for a down payment.

Immigration patterns also contribute to the housing crisis, as landlords and investors purchase properties and convert them into rental units, popular with students and transient populations. This not only diminishes the stock of homes available for purchase, it also places upward pressure on rents, making it an uphill battle for Gen Z and even millennials struggling to enter the housing market.

Inflation and stagnant wages are a double whammy for Gen Z

Inflation rates have surged over the past decade, reaching cumulative levels of 32 per cent, according to Statistics Canada. This trend has eroded the purchasing power of younger generations, who also face stagnating wage growth. For instance, wages increased by just 9 per cent between 1973 and 2013, while the cost of living soared disproportionately.

Despite these obstacles, many in Gen Z approach their situation with a sense of humour and resilience, often accepting the possibility that home ownership may be out of reach. This acknowledgment, paired with the ongoing life expectancy of baby boomers, implies that younger generations like Gen Alpha may inherit not only the challenges but also the wealth that their predecessors have struggled to accumulate.

The question remains: will society learn from these experiences, or are we destined to repeat the mistakes of the past?  Only by fostering meaningful dialogue and enacting inclusive policies can we ensure a sustainable housing market for generations to come.

The Canada Mortgage and Housing Corporation (CMHC) mortgage loan insurance program is a government-backed initiative that allows homebuyers to purchase properties with less than a 20 per cent down payment. 

Initially designed to help Canadians without significant savings enter the housing market, CMHC insurance has since become the single greatest catalyst of real estate demand in the federal government’s arsenal. 

Perhaps unsurprisingly then, as this dying government seeks any avenue to revive its political fortunes in advance of next year’s election, CMHC has recently announced that it is increasing its coverage on homes from $1-million to $1.5-million to permit for “greater affordability.”  However, our collective fiscal interests demand the opposite: CMHC insurance should be gradually phased out.

“Over the past 40 years, its effect on the market has been disastrous; incomes have become seriously misaligned from today’s house prices.” 

The dynamics of Canadian housing boil down to basic Economics 101: supply and demand. The more demand there is for homes, the more the price goes up but, critically and somewhat un-intuitively in this case, the demand in question is borne of monetary availability and not people. 

During the pandemic, the government increased the monetary supply by 25 per cent in a single year. That was what fuelled runaway housing prices; with more money in hand, even with roughly the same number of people, more houses were purchased than ever before. When quantitative tightening took place in the years following the pandemic, demand fell.

CMHC insurance functions as a form of monetary stimulus, artificially inflating housing demand.  Over the past 40 years, its effect on the market has been disastrous; incomes have become seriously misaligned from today’s house prices. 

The result is clear; young people cannot afford homes and the dream of home ownership is a reality now restricted to those 75 years and older. Meanwhile, those who are fortunate enough to afford CMHC-insured mortgages often face crushing debt burdens that deprive them and their young families of savings, life experiences and the superior quality of life that Canadians have enjoyed in the past.

Canadian housing prices are past a pivotal point and it is time we addressed the source of the contagion in a head-on, direct manner. Reducing CMHC insurance availability will impact the buying abilities of Canadians but, if we are honest with one another, we are at a point where the average person cannot afford homes even with that assistance. 

The average home price in Toronto is more than $1.1-million. To afford a property in that price range, a person requires $263,300 in gross income and, within such a pricing matrix, CMHC has seen its role reversed from the great enabler of home ownership to the source of pain for most Canadians whose housing markets CMHC infused-pricing pushes ever higher with every passing year.

“We need to gradually phase out CMHC insurance and, in the process, lessen the monetary demand for housing.”

It’s time to confront this issue directly. We need to gradually phase out CMHC insurance and, in the process, lessen the monetary demand for housing. Over time, this correction would restore the long-term balance between incomes and house prices, making homeownership attainable again for the average Canadian.

Though once borne of good intentions, CMHC is now hurting our markets, our youth and our collective future. We owe it to the next generation to chart a new course. The elimination of CMHC insurance must become a priority for the next federal government. It’s time to pull the trigger on reform and rebuild a housing market that serves Canadians.

There has been a stark reduction in homeownership among young Canadians, according to a new survey.

Data from a Scotiabank poll released Tuesday shows the number of homeowners aged 18 to 34 plunged by 21 per cent over the past three years—from 47 per cent in 2021 to just 26 per cent today.

Renting and cohabitation rates rising sharply

In the face of economic and market pressures, young Canadians are also more likely to be renting or living at home than they were three years ago. Today, 43 per cent of those aged 18 to 34 are renters, compared to 31 per cent in 2021, while 29 per cent now reside with their parents or family—a nine-point increase.

“Canadians continue to face barriers in today’s challenging housing market,” said Tracy Gomes, senior vice president of Real Estate Secured Lending at Scotiabank. “While homeownership may feel out of reach for many young Canadians, their determination to achieve it remains unwavering.”

Committed to homeownership

Over half of Millennials and Gen Zs say they intend to buy a home within five years, spurred on by anticipated policy measures targeting housing and mortgage affordability (beginning Dec. 15, new mortgage reforms in Canada will increase the insured mortgage price cap to $1.5-million and expand 30-year amortization options to all first-time buyers and purchasers of new builds).

In addition to economic woes, the confidence gap is another major challenge as younger generations strive to navigate the complexities of the housing market. According to the poll, 27 per cent of Millennials and Gen Z say they feel uncertain about the home buying process.

Impending mortgage renewals for young homeowners

For those younger Canadians who do own a home, many are approaching their first mortgage renewal and the rising cost of borrowing is likely to add to their housing challenges. According to Scotiabank’s findings, 72 per cent of Gen Z and 48 per cent of Millennial homeowners will renew their mortgage for the first time this year, compared to just 14 per cent of Gen X and 10 per cent of Boomers.

This week, as part of its Political Action Committee (PAC) Days, the Canadian Real Estate Association (CREA) is hosting realtors from across Canada to meet with their local Members of Parliament to advocate for critical housing policies encouraging access to housing for all Canadians.

CREA notes that as realtors are experts on market conditions and consumer interests, they’re well-positioned to contribute to discussions around housing policy.

Much work still to be done

Though CREA has been working to encourage federal initiatives that address the ongoing housing supply crisis, the organization notes there’s still much work to be done with all levels of government and key stakeholders.

“It’s essential we strive together to advance effective policies that foster increased housing supply while ensuring affordability and accessibility for Canadians across the entire housing continuum,” says Janice Myers, CREA CEO.

This year’s housing policy & solution ideas

With housing demand increasing along with the country’s population, yet inventory and new construction not keeping pace, realtors are advocating for innovative solutions and policies to increase housing supply, such as emergency shelter and community housing, rental accommodation, homeownership and more.

This year, specific ideas include:

• Stimulating supply across the housing continuum by embracing innovation through offsite construction technologies
• Establishing a permanent mechanism to collaborate and coordinate housing policy and development, such as a national housing secretariat
• Extending HST/GST relief for non-profit-built affordable ownership housing

The British Columbia election is making headlines and capturing attention throughout the province, yet the proposed solutions to address one of the most pressing issues — housing affordability — have largely missed the mark.

Conservative plans: ‘Rustad Rebate’, ‘Get BC Building’

Let’s start with the Conservatives’ Rustad Rebate, a $3,000 monthly credit on rent or mortgage interest costs. While well-intentioned, this rebate seems to be a short-term fix that skirts around the larger systemic issues plaguing the housing market. This plan risks inflating property values further by offering rebates instead of addressing the root causes of high housing costs. The rebate could also inadvertently increase demand without a corresponding surge in supply, thus exacerbating the affordability issue it aims to alleviate. 

To be fair, the Conservatives have offered other housing solutions beyond the Rustad Rebate in the form of the “Get BC Building” plan. 

The costed platform and details of this plan were revealed just days before the election, leaving experts little time to understand the long-term implications of the proposed initiatives. Moreover, the platform sets an ambitious and unrealistic GDP growth target of 5.4 per cent, along with a deficit comparable to the one presented by the NDP. A lot of the content focuses on criticizing the NDP rather than providing further details on potential solutions.

Rustad’s proposal to develop new towns certainly captures attention and sparks creativity. But, many British Columbians, including myself, are eager to learn more specifics about how the details of this ambitious plan would be implemented. 

NDP plans: Cover 40% of a home’s cost for new buyers, tax cut & more homes for middle-class

On the NDP front, David Eby’s pledge to cover 40 per cent of a home’s cost for new buyers is similarly problematic, essentially transforming the NDP into the very speculators they criticize. 

While it’s designed to simplify entry into the housing market, this may also result in higher home prices, as sellers anticipate greater purchasing power from buyers. This also only targets a small group within the larger housing market in B.C. – first-time buyers. While we can all agree that first-time buyers are having an increasingly hard time getting into the market, this excludes equally important groups like young couples looking to start a family and seniors looking to downsize.

The plan also ties homeowners to long-term financial commitments that could become a burden if personal circumstances shift, echoing concerns from economic analysts about its potential to create new forms of financial insecurity. 

The NDP’s plan, combined with the Federal Liberals, could also significantly impact our housing market by encouraging potential buyers to pursue short-term incentives for homes that may ultimately exceed their long-term financial capabilities.

Both strategies reflect a trend toward using public funds to bring down housing costs. However, critics argue that these financial interventions don’t tackle fundamental issues such as property taxes and the cost of developing a project, which stand as significant barriers. 

Beyond Eby’s big idea to fund housing costs for new buyers, the NDP proposed a $1,000 boost for household budgets through a middle-class tax cut, along with a plan to intensify efforts against speculators and build 300,000 new homes for the middle class, which appear to be a fresh spin on their earlier policies. 

Green plans: Rental support & emergency housing

And lastly, the Green Party’s focus on rental support and emergency housing clearly leans on the public sector to boost housing supply and protect affordable rentals. While the public sector definitely has a role in making housing more affordable, we can’t forget about helping the private sector too. This approach overlooks a chance to come up with strong, creative policies that could connect with a wider audience looking for real change.  

Many of these electoral solutions fail to address the root causes of the complex housing affordability crisis in the region. From what we can see, even when they do acknowledge these underlying issues, they often lack specific details on how the party plans to implement effective measures.

Key solutions missing from the discussion include addressing the skilled worker shortage affecting home construction, slowing the growth of housing prices to allow wages to catch up, collecting wealth windfalls from zoning changes to fund affordable housing and implementing strategies to control costs in the regular housing market.

Ultimately, these housing strategies, though well-intentioned, risk becoming costly stopgaps. True progress demands policies that not only offer immediate relief but also pave the way for sustainable growth in our housing supply. B.C.’s housing crisis calls for a balanced approach that includes fiscal responsibility, market dynamics and long-term planning — a challenge that remains unmet in the current political discourse.