(The Canadian Press)

(The Canadian Press)

High-end B.C. house prices dropping, but no relief at lower levels

But experts say home ownership remains out of reach for many for middle- and lower-income families

The British Columbia government says it’s already seeing positive results from the policies it put in place to address the housing crisis, but one expert says there’s still a long way to go.

Housing Minister Selina Robinson says the government is seeing some high-end house prices starting to drop.

“Right now we’ve got the speculation and empty home taxes, so part of what we need to do is monitor the impact that it has and continue to see what it does,” Robinson said in an interview Sunday.

But Andy Yan, the director of the City Program at Simon Fraser University, says that while very expensive houses are starting to show a decline in price, the numbers haven’t translated to mid- and lower-level units.

“Sixteen months is a little bit premature to know whether the polices are a success or failure,” Yan said, referring to the approximate time the NDP minority government has been in power.

“But the softening of the market and cooling of the market is something that is definitely happening.”

He said despite that softening, home ownership remains out of reach for many for middle- and lower-income families.

READ MORE: B.C. asking for tips on ‘dirty money’ in horse racing, real estate, luxury cars

To tackle the issue, the provincial government is investing $7 billion on affordable housing over the next 10 years, and has developed a 30-point plan to increase affordability.

However, Yan said some of the announcements made by the government are just that — announcements.

“They are not actual shovels in the ground yet,” he said.

While there is some actual construction going on, he said it’s still going to take years before the promises take the shape of homes that people can move into.

“It will take a combination of supply and demand policies to really get us out of the housing crisis mess,” he said.

Meantime, B.C. Premier John Horgan says the housing crisis didn’t happen overnight — and it won’t resolve overnight.

Addressing attendees at a housing conference in Vancouver on Sunday, Horgan said the government will have to work with partners including Indigenous communities, transgender and social justice advocates and women’s groups to resolve the crisis.

Horgan said it’s not just affecting those who have small incomes, but is creeping into the middle-class too.

He said his government is doing its best to ensure that critical work staff such as teachers, nurses and construction workers have houses so that they can build the economy.

British Columbia should not be a place to fear because of unaffordable housing, Horgan said.

Hina Alam, The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

A conceptual rendering of the commercial plaza at 1130 Rocky Creek Road. (Town of Ladysmith/June 15 Council Agenda)
Rocky Creek commercial plaza passes public hearing

The proposed plaza at 1130 Rocky Creek Road would bring commercial activity to Ladysmith’s north end

Kate Cram and her team at Old Town Ice Cream are thrilled to be open for business. (Cole Schisler photo)
Old Town Ice Cream opens up right on time for summer

Located at 539 1st Avenue, Old Time Ice Cream is open from 10 a.m. to 7 p.m. daily

Things are looking up for Vancouver Island as zero COVID-19 cases have been reported for the first time since October. THE CANADIAN PRESS/Darryl Dyck
Island records zero new COVID-19 cases for the first time since October

For the first time since October, the province is reporting zero new… Continue reading

Black Press file photo
RCMP seek suspect in Vancouver Island-wide crime spree

Crimes stretched from Deep Bay to Qualicum, Ladysmith, Chemainus and Youbou

Volunteers Alex Cook, Ron Dashwood, and Bill Drysdale have been hard at work restoring the old Ladysmith train station. (Cole Schisler photo)
Train station restoration on track for future community open house

Community is asked to give feedback on what they think the best use is for the station

A small pod of Pacific white-sided dolphins pass by close to shore in Campbell River June 16, 2021. Still capture from video courtesy of Kimberly Hart
VIDEO: Dolphin sunset captured from Vancouver Island shore

Spectacular setting for view of travelling pod of Pacific white-sided dolphins

People in Metro Vancouver can expect to experience a short wave of heat just in time for Father’s Day, according to Environment Canada. (Black Press Media files)
Short-lived heatwave headed for Metro Vancouver this weekend

Temperatures are expected to be up to 10 degrees higher than average Sunday and Monday

Bruce Springsteen performs at the 13th annual Stand Up For Heroes benefit concert in support of the Bob Woodruff Foundation in New York on Nov. 4, 2019. (Greg Allen/Invision/AP)
Canadians who got AstraZeneca shot can now see ‘Springsteen on Broadway’

B.C. mayor David Screech who received his second AstraZeneca dose last week can now attend the show

New research suggests wolves can be steered away from the endangered caribou herds they prey on by making the man-made trails they use to hunt harder to move along. THE CANADIAN PRESS/Nathan Denette
Culling cutlines, not B.C. wolves, key to preserving caribou herds: researcher

The government has turned to killing hundreds of wolves in an effort to keep caribou around

Gary Abbott (left) and Louis De Jaeger were two of the organizers for the 2014 Spirit of the People Powwow in Chilliwack. Monday, June 21, 2021 is Indigenous Peoples Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of June 20 to 26

Indigenous Peoples Day, Take Your Dog to Work Day, Onion Rings Day all coming up this week

Gwen Spencer Hethey with her uncle and mentor Major Frederick Richardson. (Courtesy of Greater Victoria Sports Hall of Fame)
‘She was a killer’: The B.C. woman who pioneered female sharpshooting

Gwen Spencer Hethey made military men ‘look like turkeys’ says her son

Central Okanagan Grade 12 grads are set to get $500 each after a more than $1 million donation from a Kelowna couple. (File photo)
B.C. couple donating $500 to every Grade 12 student in the Okanagan

Anonymous donors identified as Kelowna entrepreneurs Lance and Tammy Torgerson

Rita Coolidge played the main stage at Vancouver Island Musicfest in 2017. (Black Press file photo)
This year’s Vancouver Island MusicFest to virtually showcase beauty of Comox Valley

Returning July 9 through 11 with more than 25 hours of music performances

Most Read