The new BC housing laws will set housing targets for municipalities and lift strata rental restrictions.
Sources: BCFSA, BIV, Times Colonist
Image source: Canva
Premier David Eby on his fourth day in the office is introducing a suite of housing affordability measures including proposed laws that could order fast-growing municipalities to meet housing supply targets and end rental restrictions based on age or type of building.
During his leadership campaign, Eby promised to implement the measures as British Columbia is facing a growing housing crisis in which both renters and buyers require additional housing.
Proposed amendments to the Strata Property Act will become effective immediately if passed, with the proposed Housing Supply Act coming into effect in mid-2023.
Those communities in urgent need of housing stock – eight to ten are estimated by the province to fall into this category – would be required to establish housing targets as part of a Housing Supply Act.
Targets will be established in a collaborative manner. Where and how that housing is built will be decided by municipalities.
The province did not specify Monday which municipalities have been flagged as being in a state of urgency, only that they will be notified after the legislation takes effect next year.
Picture source: Canva
A government proposal this week will amend the Strata Property Act to permanently end certain rental restrictions, including those that restrict tenants to people over 19 or 30 – essentially banning young families with children.
Additionally, the amendment will end a ban on condo owners renting their units.
There are approximately 300,000 strata units that may be subject to rental bans, according to the province. However, the Act allows stratas to ban short-term rentals, such as Airbnbs, in their bylaws.
After being sworn in in Vancouver on Friday, Eby said he planned to tackle housing issues.
During his fall leadership campaign, Eby released a housing plan intended to tackle affordability, target speculators, and protect renters.
As part of his proposed plan, a government under his leadership would speed up the approval process for affordable housing, use government land for some projects, allowing homebuilders to replace single-family houses with up to three units on the same lot, and make secondary suites legal all across the province.
There is no specific mention of secondary suites in Monday morning’s announcement.
He plans to “hit the ground running” and then provide residents with two one-time payment programs to mitigate inflation pressures.
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Source: REBGV
Home sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,903 in October 2022, a 45.5 per cent decrease from the 3,494 sales recorded in October 2021, and a 12.8 percent increase from the 1,687 homes sold in September 2022.
Last month’s sales were 33.3 per cent below the 10-year October sales average.
Source: REBGV
“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” Andrew Lis, REBGV’s director, economics and data analytics said. “With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”
There were 4,033 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2022.
This represents a 0.4 per cent decrease compared to the 4,049 homes listed in October 2021 and a 4.6 per cent decrease compared to September 2022 when 4,229 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,852, a 22.6 per cent increase compared to October 2021 (8,034) and a 1.2 per cent decrease compared to September 2022 (9,971).
“Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from. Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from,” Lis said. “This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence. With the possibly of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible.”
For all property types, the sales-to-active listings ratio for October 2022 is 19.3 per cent.
By property type, the ratio is 14.3 per cent for detached homes, 21.6 per cent for townhomes, and 23.2 per cent for apartments.
Source: REBGV
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,148,900.
This represents a 2.1 per cent increase from October 2021, a 9.2 per cent decrease over the last six months, and a 0.6 per cent decrease compared to September 2022.
Sales of detached homes in October 2022 reached 575, a 47.2 per cent decrease from the 1,090 detached sales recorded in October 2021.
The benchmark price for detached properties is $1,892,100. This represents a 1.6 per cent increase from October 2021 and a 0.7 per cent decrease compared to September 2022.
Sales of apartment homes reached 995 in October 2022, a 44.8 per cent decrease compared to the 1,801 sales in October 2021.
The benchmark price of an apartment property is $727,100. This represents a 5.1 per cent increase from October 2021 and a 0.2 per cent decrease compared to September 2022.
Attached home sales in October 2022 totalled 333, a 44.8 per cent decrease compared to the 603 sales in October 2021.
The benchmark price of an attached unit is $1,043,600. This represents a 7.1 per cent increase from October 2021 and a 0.5 per cent decrease compared to September 2022.
Vancouver BC – November 2, 2022
Have a look at the REBGV October 2022 Market Update Insights!
- DOWNLOAD the REBGV October 2022 Market Update CLICK HERE
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