British Columbians, like all Canadians, want to be homeowners. We welcome the B.C. government’s announcement of their new Permitting Strategy for Housing, intended to help reduce the back log and wait time for provincial housing permits. This is a step in the right direction to speed up housing development and help people achieve the dream of homeownership.
 
B.C. Premier David Eby, new Housing Minister Ravi Kahlon, and Water, Land and Resource Stewardship Minister Nathan Cullen, announced a new permitting strategy in Metro Vancouver today. In this strategy, the province is planning to create a ‘one-stop-shop’ for provincial permitting to help speed up approvals and construction of homes with a new Housing Action Task Force, while removing the need to submit applications to multiple ministries.
 
With lower home sales figures reported year-over-year for December and average sales prices expected to decrease in 2023, a market rebound is forecasted for 2024 according to CREA’s national housing market report released today. We know that there is simply not enough housing supply to meet the demands for homeownership in Canada, with significant pressure on the BC market.
 
All signs suggest housing in Canada will continue to be supported by rising immigration rates and a strong desire for homeownership. With appropriate policies in place, the federal and provincial governments can help ensure the dream of homeownership remains available to all Canadians. Regardless of what the market brings, good advice from trusted, licensed mortgage professionals can help Canadian families feel secure in the home of their dreams.