The chief economist of the B.C. Real Estate Association says the province's new zoning measures are the most effective way to address the housing crisis. He argues that increased housing development through rezoning and densification is essential to solving the shortage. While some may seek alternative solutions, Ogmundson emphasizes the private sector's role in building housing. The province has implemented initiatives to stimulate housing development, including relaxing zoning rules for multi-family dwellings and focusing on housing around transit centers. They are also introducing a home-flipping tax.
The province is taking the most effective path to combat the housing crisis with its new zoning measures to encourage development, says the chief economist of the B.C. Real Estate Association.“So, we either have a goal of building a lot more houses do so means rezoning and densifying — or we don’t get anywhere close to solving a housing crisis.”
“I think that what they’re doing with the rezoning is the best way to do it and even that is only one step,” Ogmundson said. “There are huge barriers in the way to actually achieving those goals, and not just on the policy side — just the economic conditions might not be there to hit those goals. So it’s a very large lift but it’s one that we can’t do without all that rezoning.
Housing starts in Greater Victoria came in lower in 2024, at 4,185, down from 4,992 in 2023, Canada Mortgage and Housing said Thursday. Later in 2024, a couple of interest rate cuts delivered momentum and drew people back into the market, he said. Higher interest rates had kept some first-time buyers and investors out of the market, he said.
Vanderwal said that with Donald Trump becoming the new U.S. president, “we are all sort of sitting on eggshells” waiting to see what is going to happen with his America First economic plan and other proposals.
HOUSING CRISIS REZONING DEVELOPMENT BC REAL ESTATE ASSOCIATION HOUSING POLICY
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