October 16, 2023 October 2023 Trending Topic: Housing Policy Round Up and Review

As affordability continues to be a front-page issue, this month's Trending Topic covers the flurry of new policies being rolled out by the provincial and federal governments. From zoning law changes to allowable rental increases, Brittany Reimer and Suzana Goncalves round up the latest policies and provide some insights into their impact on the market. 

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Policies Covered:

• Removal of GST on Construction of Purpose-Built Rental Units: This policy is expected to reduce construction costs by 5%, which is a welcome change in the context of escalating construction costs.
   
• Annual Rent Increase Cap at 3.5%: A significant increase from previous years, this change was met with mixed reactions. It aims to help landlords manage rising costs but may pose an additional burden on tenants, especially given the high inflation and economic uncertainty.
   
• Update to Zoning Laws in Vancouver: This policy emphasizes increasing density in single-family neighbourhoods, promoting affordability by creating more units per lot. The implementation may require some creative solutions from developers, but it holds potential for addressing affordability issues.
   
• $4 Billion Housing Accelerator Fund: While noted for its cash injection, this is considered unlikely to have a major impact on affordability due to the broader economic landscape.
   
• Revised BC Building Codes: While well-intentioned for safety and energy efficiency, this policy was critiqued for potentially leading to increased construction costs, which could affect home affordability.

These policies and their impact on the housing market were thoroughly discussed, offering insights and ratings to help viewers understand their significance.

CHAPTERS

• Intro (0:00) 
• Removal of GST on Construction of Purpose-Built Rental Units (0:51)
• Annual Rent Increase Cap at 3.5% (2:15)
• Update to Zoning Laws in Vancouver (3:31)
• $4 Billion Housing Accelerator Fund (5:19)
• Revised BC Building Codes (6:35)
• Outro (8:35)

ADDITIONAL LINKS FOR THIS EPISODE:

• October 2023 Greater Vancouver Pre-Sale Pulse Episode
• October 2023 Fraser Valley Pre-Sale Pulse Episode
• October 2023 Pre-Sale Pulse Report 
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• Contact Advisory

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