Fifth Avenue REM - Unprecedented Pace of Construction Needed to Offset the Impact of Record Immigration to BC mediaiqdigital tracking pixel
Market Intelligence, Real Estate News | April 12, 2023

To fully offset a deterioration in housing affordability, new home completions in BC need to increase 25 per cent above their historical average level for the next five years to a record level of about 43,000 completions per year, a new report has revealed.

According to the latest Market Intelligence report from the BC Real Estate Association (BCREA), two significant federal government policies– the Foreign Buyers Ban and record-high immigration targets– will shape housing demand in BC over the next three years.

Impact of Federal Policies

The Foreign Buyers Ban and high immigration targets set by the federal government will significantly influence housing demand in BC over the next three years.

Key Findings

Expert Opinion

Brendon Ogmundson, BCREA Chief Economist, stresses the need to align price growth with income to improve housing affordability. Increasing housing supply is vital to offset the demand surge from immigration.

Supporting Immigration and Addressing Housing Pressure

While immigration benefits the economy, it also strains housing demand. Policymakers must balance immigration support with measures to boost housing supply.

Government Action

Governments can ease housing market pressure by allowing more housing construction through zoning changes, increasing funding for affordable housing, and incentivizing developers to build more units.

Access the Report

For more details, read the full report here.

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