Vancouver, BC, Sept. 05, 2024 (GLOBE NEWSWIRE) — Despite recent government attempts to address the ongoing housing crisis in BC, a new economic report from the BC Real Estate Association (BCREA) indicates that even the current elevated pace of construction will be insufficient to improve affordability in the province.
According to the latest data BCREA Market Intelligence ReportImproving affordability and meeting the province’s housing goals will require aggressive reforms, including a significant expansion of the construction workforce, increased efficiency throughout the housing creation process, and collaboration between the construction sector and various levels of government.
Summary of findings:
- A stable level of housing construction will not be sufficient to significantly improve affordability over the next ten years.
- Improving affordability will likely require a major expansion of construction production capacity to meet provincial targets.
- Expanding the construction workforce will be necessary, but not sufficient. We also need a significant boost to productivity in the construction sector.
- Building a record number of new homes will require an unprecedented level of financial investment from government and developers.
“What this report demonstrates is that while ambitious, achieving ambitious housing supply targets is possible and indeed crucial to significantly improving housing affordability for British Columbians,” said BCREA Chief Economist Brendon Ogmundson. “However, it will require a coordinated effort from government and the development sector – and likely a bit of luck.”
The report concludes that several other factors, including a larger capital stock, regulatory streamlining and financial incentives, will likely be needed to enable the expansion of construction needed to improve housing affordability in BC.
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More information:
To read the full BCREA market intelligence report, click here here.
About BCREA
BCREA BCREA is the provincial association of real estate agents in BC. As an advocate for the real estate industry, BCREA promotes the professionalism of real estate agents and ensures that their voice is heard, for the benefit of consumers and communities across BC. By working in partnership with the province, Real estate boards and associationsOur mission is to provide professional development opportunities, advocacy, economic and policy research, and standard forms to make REALTORS® trusted, respected, and proud of their profession.
About Market Intelligence
Market Intelligence is published by the British Columbia Real Estate Association. Media outlets, real estate boards, real estate associations and REALTORS® may reproduce this content, provided that credit is given to the BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” The BCREA makes no warranties as to the accuracy or completeness of this information.
Brendon Ogmundson, Chief Economist British Columbia Real Estate Association 604.742.2796 bogmundson@bcrea.bc.ca Craig Battle, Senior Marketing & Communications Specialist British Columbia Real Estate Association 604.742.2790 cbattle@bcrea.bc.ca
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