Thoughts on BC Politics and More

Across much of Canada, home prices and rents have fallen in recent years. For households that have spent years on the outside looking in, that should be cause for relief. However, home prices in much of the country remain at levels that make it impossible for middle-class families to afford a mortgage. And while prices have fallen, the cost to build new homes remains stubbornly high. In many markets, the total cost of construction now exceeds what families are willing, or able, to pay. That gap has left us with a market where homes are both unaffordable to buyers and economically unviable to build ... CLICK HERE for the full story 

Canada’s housing supply gap has shrunk marginally since last year, but the Canada Mortgage and Housing Corporation (CMHC) projects the country will still be short 3.45 million homes by 2030 in order for housing to be affordable for most Canadians. A CMHC report released on Wednesday revised that estimate down from 3.52 million in its outlook from June of last year. Ontario still makes up most of the shortfall, with a 1.46 million supply gap. However, that is down from the 1.85 million projected last year. Quebec, B.C., Alberta and Nova Scotia all saw the supply gap widen compared with projections from last year. The report has also said Canada is projected to build fewer, not more, new homes by 2030. Last year, CMHC said there would be 18.58 million new housing units by 2030; this year, that projection is down to 18.19 million ... CLICK HERE for the full story

New construction won’t be allowed to have natural gas as a primary heat source as of July 1, 2024 — six years before the provincial target   Newly built homes in Nanaimo won’t be allowed to have natural gas as a primary heat source as of July 1, 2024.   Following the lead of other B.C. municipalities, such as Saanich and Victoria, Nanaimo council this week approved speedy implementation of the province’s zero-carbon step code, a B.C. Building Code update to limit greenhouse gas emissions from new construction ... CLICK HERE for the full story