No one measure will fix B.C. housing crisis, but budget will start: ministers
VICTORIA — British Columbia’s New Democrats are promising initiatives in Tuesday’s budget to increase the supply of affordable homes for families, students and seniors, while also bringing in measures to dampen speculation in the real estate market.
Finance Minister Carole James says her budget will take a multi-pronged approach to creating more housing options in a province where some seniors are forced to couch surf with friends and working couples are living in basement rentals because they can’t afford a down payment on a home.
“Housing affordability is in a crisis in our province,” said James. “That’s clear from anyone you talk to who’s trying to find affordable housing, whether they are tenants, renters, whether they are looking to own a home.”
Recent statistics from the Real Estate Board of Greater Vancouver shows the average price of a detached home was $1.6 million, and the average price of an apartment was $665,400. Vacancy rates for renters are at one per cent or lower in most cities across B.C., including Victoria and Kelowna.