TGIF- Second Housing Summit

Filed under: Government Works by Kevin Griffiths — Leave a comment

January 19, 2024

Government of British Columbia, UBCM

The UBCM is having a second housing summit. Its mandate is to be the voice of the municipal governments in BC and to have a unified lobby for issues including housing. Demand for housing including for new residents and in partnership with covid has put a pressure on affordable housing across Canada.

As of 2021, the vacancy rate in British Columbia’s rental market was quite low, with some areas seeing rates below 1%. This has contributed to heightened competition for rental properties and increased pressure on the availability of affordable housing. The situation has been further complicated by the influx of new residents and the impact of the COVID-19 pandemic on housing demand. The Government of British Columbia and the UBCM have been actively addressing these housing challenges to ensure the availability of affordable housing for the residents.

Government of British Columbia, UBCM

The Government of British Columbia has announced a new policy to address the affordability of rental housing. Starting from January 2024, the annual rent increase cap will be set at 3.5% below the inflation rate. This measure aims to provide more stability for renters by balancing the need for landlords to cover increasing costs while preventing excessive rent hikes.

The decision comes as a response to the ongoing housing challenges in the province, where the demand for housing, coupled with the impact of the COVID-19 pandemic, has put significant pressure on affordable housing. With the vacancy rate in British Columbia’s rental market remaining quite low as of 2021, this new policy is expected to contribute to the availability of affordable housing for residents.