My colleague Andrew Weaver asked the government about the objective of the housing policy announced in Budget 2018. He did not receive a clear answer.
I continued to press government through Finance Minister, Hon. Carole James, on the objective of her budget. Is the goal to stabilize demand, bring down the curve of housing costs, or moderate the market? These are all statements Cabinet Ministers have made about the housing policy.
It is clear that the current cost of housing is out of reach of many British Columbians. Housing affordability is at a crisis level in our province. It is critical we understand the goal of the housing policy of government to ensure we can evaluate its effectiveness.
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A. Olsen
I want to acknowledge that this government has taken more substantive steps than the last government was ever willing to take on housing affordability, and they should be recognized for this. However — working both sides of the aisle here — I’m hearing a serious lack of clarity about what the government is trying to achieve with the housing plan.
My colleague from Oak Bay–Gordon Head tried yesterday to clear this up but didn’t get a straight answer, so I’m going to ask again. In the budget, the spoke of stabilizing demand and “bringing down the curb of housing costs.” The Finance Minister spoke yesterday about “moderating the market and slowing the escalation in housing prices.” To me, these statements suggest the government’s goal could be to see house prices continue to rise from where they are just a little more slowly.
My question is to the Finance Minister. Are you trying to slow the escalation, trying to reduce housing prices? What is this government trying to achieve on housing prices?
Hon. C. James
Thank you to the member for the question. I’m very proud of the fact that after 16 years of ignoring the affordability crisis, our government is taking on the housing crisis to be able to address it in this province. We all know that the reality is it’s going to take time. You’re not going to fix 16 years of neglect by this government overnight.
British Columbians know that we are taking a balanced approach. We’re looking closely at the measures that we’re bringing in. We will monitor them to be able to make life more affordable. We’re looking at the largest investment in both supply and demand, the largest action plan that has occurred in this province and across this country to address affordability for families. We are looking at bringing in fairer prices, fairer housing prices and more affordability for families in British Columbia.
Mr. Speaker
Saanich North and the Islands on a supplemental.
A. Olsen
I’m still troubled by the lack of clarity we have on what we’re trying to achieve. This is a fundamental question, and British Columbians deserve to know whether government is really serious about fixing the crisis. The longer we were told to wait by this government for action, the higher our expectations became and, in fact, the more urgent the need for action.
The average house price in Vancouver is $1.6 million. Simply slowing the escalation from this point does not help young families and young people afford to live in our province. Stakeholders and experts agree that we need to responsibly deflate this bubble and bring down prices in our hot housing market to ensure that British Columbians can afford to live here.
We are in an emergency, and this government needs to be clear about its plan for getting us out of this mess. My question again is to the Minister of Finance: is this government simply trying to slow the escalation, or are you actually trying to reduce prices?
Hon. C. James
I would say to the member: do we want more affordable housing in every community across this province for families? Yes, we do. Do we have a comprehensive plan that is going to address supply and demand and make sure that people can live in the communities that they work and their children go to school in? Yes, we will.
It is going to take time, and I completely understand the frustration that families are feeling. I completely understand the frustration that individuals are feeling when I’ve talked to seniors in my own community who are at the risk of homelessness because they can’t find an affordable place to rent and live. When I talk to parents who are not worried about their children being able to buy a house, they’re worried about their children being able to find an affordable place to rent that is decent for them and safe to live in. Those are the kinds of choices that families are making.
Our 30-point plan is going to make a difference. It’s going to take time, but we are acting now. We’re not waiting, and I’m looking forward to making that difference for people in our province.
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