Real estate news: vague campaign promises will leave homebuyers disappointed after election, says BCREA


As leaders try to woo voters ahead of the Canadian federal election, affordable housing is among the promises made during the election campaign.

But after voters go to the polls on September 20, will anything really come out of those promises?

The British Columbia Real Estate Association said in a statement Wednesday that it was encouraged by the focus on affordability. But, he warned, a lack of detailed plans from the three main parties could derail those promises.

Without plans to turn those wishes into action, “the campaign’s promises will lead to municipal bottlenecks, failed politics and disillusioned buyers,” he said.

Without change, the association said, buyers will continue to find themselves shut out of a market with limited supply.

The BCREA said increasing supply should be the top priority for federal leaders if they are truly seeking to have “meaningful and lasting impact.”

“It is important for our new government to make the creation of a comprehensive housing strategy focused on increasing supply an immediate priority,” said the association.

Current promises, he recalled, focus on purchasing power and consumer flexibility. Instead, according to the BCREA, leaders should work with municipalities to expedite development approvals.

The BCREA says the current system allows these development arguments to be “bogged down by public hearings that respond to the grievances of a vocal minority.”

Streamlining the process is essential, according to the association, to rapidly increase the supply of local housing.

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