NDP housing plan a resounding failure as home prices soar

The NDP promised to make housing more affordable, but after nearly four years of their leadership, housing prices in B.C. are higher than ever and the construction of new homes has slowed significantly.

KELOWNA (February 24, 2021) – The NDP promised to make housing more affordable, but after nearly four years of their leadership, housing prices in B.C. are higher than ever and the construction of new homes has slowed significantly.

“For years, John Horgan and the NDP promised to improve housing affordability in B.C., but by nearly every metric, we are seeing affordability worsen, even as the pandemic continues,” said Ben Stewart, BC Liberal Critic for Housing and MLA for Kelowna West. “The average house price in our province has increased by 16 per cent since just last year, meaning that despite the NDP’s statements to the contrary, buying a home is even further out of reach for so many British Columbians. At the same time, rents have increased under the NDP and the supply of homes for sale is the lowest it’s been in 21 years, and yet the government has failed to do anything that genuinely addresses these issues.”

CPABC recently found that housing starts in B.C. slowed dramatically in 2020, and as supply diminishes, housing prices have increased across the province. A National Bank reportestimates that it would now take 34 years (409 months) to save for a downpayment on a typical Vancouver home.

“It is time for the NDP to provide real solutions to this growing problem, and that has to include increasing supply,” added Stewart. “This government has struggled to get anything built, and at their current pace, it would take more than 100 years to keep their promise. We need to see them prioritize an increase in supply, which will not only help to get soaring home prices under control but also create new jobs during this uncertain time. It’s time for John Horgan and the NDP to get serious about housing affordability.”

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