The argument for governments to build more housing gains steam
to create a state housing authority to build publicly owned mixed-income homes passed the state assembly before stalling in a senate committee.. In June, Canada Mortgage and Housing Corp. said the country needs several million new homes this decade, on top of the usual rate of construction. “The housing supply system,” CMHC said, “is broken.”
One vision among housing advocates calls for two- and three-bedroom apartments in townhomes, and small apartment buildings near the centre of cities that are well served by transit, where detached homes currently dominate. New zoning is the start of all change. As interest rates rise this year, real estate is wobbling. There are fewer home sales and prices have ticked down – but they remain high. Prices could fall further, but even if they decline to prepandemic levels, averages in the Vancouver and Toronto regions would still be closer to $1-million than to anything affordable. Interest rates propelled a mania, but the long-term supply shortage is what really needs to be addressed.
B.C. has been at the fore of the housing story for years. Mr. Eby, in his mid-40s, was recently a renter with his wife and children, like the majority of Vancouver households, before his family this year bought a townhouse. If he becomes premier, it may mark a generational shift in housing policy, a new vision that could spark real change. It is work that will take years, after decades of inaction.
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