We can’t just build our way out of the housing crisis

By Adam Olsen, BC Green Party MLA
The National Observer
January 2, 2024
Category: Finance & Economics
Region: Canada

The Canada Mortgage and Housing Corporation estimates for B.C. to get housing affordability back to what we experienced in the early 2000s, we need to build 610,000 units more than would have been constructed. …We have an urgent housing affordability crisis and this is evidence of how inefficient it is to wait for the private sector to deliver housing affordability. …A 2021 Statistics Canada report shows the core housing need in Canada is 10.1 per cent, ranging from Quebec at six per cent to Nunavut at 32.9 per cent. B.C. is second worst at 13.4 per cent. …The expectation that a sufficient supply of affordable housing would emerge despite the private sector’s pursuit of profit oversimplified the complex dynamics of supply and demand. …A strategic, data-driven effort to build non-market affordable housing options across multiple communities is imperative. This focus should continue until only those who can afford the private sector housing market remain in that segment.

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