Under the NDP, new housing construction has slowed to a trickle. Their own budget projects that new housing starts could drop by almost a third by 2023.
In addition, 73% of residential buildings in Vancouver were built in the year 2000 or before, and 39% are more than 40 years old. Many of these will need substantial renovations or replacement in the coming years.
In the 2017 election, the NDP promised an additional 114,000 rental units. Two years in to their government, only 2,476 have been built – not even close to what’s needed.
According to CMHC, during the first year of the NDP, the average rent increased by 6.4% for a one-bedroom unit and 5.5% for a two-bedroom.
No surprise – the vacancy rate for rental condos went down in 2018, as 1,000 units disappeared from the secondary rental market.
With demand set to rise dramatically due to population growth, these trends will mean higher housing costs for both renters and buyers – and make it harder than ever for British Columbians to buy their first home.
The NDP have done nothing to reduce municipal red tape that strangles many projects before they can get off the ground. According to CMHC, it now takes almost 6 months longer to build a condo than it did in 2017.
They’ve broken core election promises like the renters’ rebate.
And their phony, so-called “speculation tax” makes for good headlines but leaves true real-estate flipping untouched.
BC can do so much better.
A BC Liberal government led by Andrew Wilkinson will take bold action on supply to make housing more affordable for everyone – and replace the NDP’s phony “speculation tax” with a presale condo flipping tax that actually cracks down on speculation without punishing hard-working homeowners.
That’s what Opportunity for all of BC is all about.
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