The BC Real Estate Association (BCREA) issued a statement in support of the new government’s proposed Housing Supply Act, stating that it would improve housing supply, provide stronger leadership, and incentivize municipalities around development planning and housing targets. If passed, the law would require local governments to create Housing Needs Reports every five years to be reviewed by the minister to determine if a housing target is needed in each municipality. California and the United Kingdom currently have similar housing target frameworks.
“Increased provincial leadership, guidance and resources around the municipal housing approvals process has been long-needed policy in BC, and this is a strong first step,” said Senior Vice-President of Government Relations and Communications, Trevor Hargreaves. “It’s reassuring to see a more hands-on approach by Premier Eby with today’s announcement, demonstrating the desire and willingness to lead, and if necessary, exert stronger provincial leadership to municipalities around housing development across the province.”
According to BCREA, working with local governments to identify barriers and obstacles in their housing development processes is a much-needed collaborative resource for municipalities, and adds that it is “encouraged by the provincial government’s commitment to providing actionable items to ensure those targets are met.”
The proposed Housing Supply Act was formally announced by the B.C. government on November 21, 2022. If passed, it is scheduled to be brought into force in mid-2023. To support implementation, the Province says it will continue to help local governments speed up local approval processes through the continued implementation of the Development Approvals Process Review and work underway to accelerate provincial approvals.
“B.C.’s housing crisis is stressing out and hurting people while it holds back our economy,” said the newly elected Premier David Eby. “As a first step in my 100-day plan, we are making changes to deliver more homes for British Columbians, faster. We will work with municipalities to set housing targets and make sure the homes people need get built. For those searching for a home today, there’s good news. We’re making it possible for thousands of condos that are vacant to be rented out as soon as these new laws pass. For those worried about the future, we’re setting out a new way to co-ordinate the efforts of our cities and the Province to build the homes people need quickly.”
Click here for more details: New premier delivers action to expand housing supply within first days | BC Gov News
