Okanagan real estate team releases report on housing affordability

HM Commercial Group is releasing their Crystal Ball Report on Sept. 18

For the second year in a row, HM Commercial Group is releasing their Crystal Ball Report.

The real estate team hosting a release event on Sept. 18 with housing affordability for all, in B.C., as the topic.

This event will bring together key government, private industry, academia and other stakeholders for a conversation and build solutions on addressing how government policy is affecting the outcome for families, professionals, young adults and seniors.

Keynote speakers include Andrew Wilkenson, Leader BC Liberal Party and Andrey Pavlov, Beedee School of Business, Simon Fraser University.

“The lack of affordable housing choices in our communities is one of the most common complaints I hear and one of the most serious issues facing B.C. residents,” said Wilkenson. “Rather than downloading costs to municipalities, we need to be working with them to help cut the red tape that slows the growth and adds additional costs to housing growth.”

READ MORE: Governments lose revenue as housing sales drop in Okanagan

Marshall McAnerney, principal and co-founder of HM Commercial Group explained this year’s Crystal Ball Report focuses on healthy development strategies, housing opportunities for all and achieving it through government policies.

“Our intention is to create a thought-provoking evening and communicate that our market is healthy but that we can learn from other cities and communities around the world who have had similar supply issues and that have successfully implemented solutions,” he said.

While according to Andrey Pavlov with the Beedee School of Business, if housing is difficult to build the price of homes will go up.

” As simple and intuitive as this is, even many of our elected officials act as if they don’t understand it,” said Pavlov. “Note, for a moment, that Seattle built 17,450 rental housing units in 2018. Now compare this to Vancouver’s mere 1,364 units (four projects) in the same year. Seattle is a bigger city, I know, but it is not 13 times bigger. And, yes, just like you would expect, rents in Seattle are softening and you can actually find a reasonable place there.

The province introduced the controversial speculation and vacancy tax specifically with the goal of inducing owners of empty homes to rent or sell, either way increasing supply. So even our current leaders understand that increasing supply is key to improving affordability. It’s just that they want to do it using your home while continuing to maintain countless obstacles to actual supply increases.”

The event will be held at the Laurel Packing House from 4 p.m. to 6 p.m. and is invite-only.

READ MORE: Spotlight on B.C.: How will the province affect the federal election?

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

UPDATE: One dead after motorcycle collision on Highway 97 near Peachland

The collision closed Highway 97 off-and-on throughout Sunday afternoon

Tree replacement, construction scheduled for Kelowna’s Stuart Park

Sixteen trees are being removed because they are struggling, the city said

Okanagan whisky lottery adds new twists

Winners of Okanagan Spirits’ Laird of Fintry lottery announced in four batches beginning Sept. 28

BC Libertarian party names Kelowna West candidate

Matt Badura has been acclaimed as Kelowna West’s Libertarian candidate in the upcoming provincial election

QUIZ: Do you know what’s on TV?

Fall is normally the time when new television shows are released

B.C. records 98 more COVID-19 cases, most in Lower Mainland

One new senior home outbreak, Surrey Memorial outbreak over

Canadian ski resorts wrestle with pandemic-vs.-profit dilemma as COVID-19 persists

Few are actually restricting the total number of skiers they allow on the hill

Three arrested after Keremeos shooting that severely injured one man

The victim was transported by air ambulance to a regional hospital

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Victoria-area RCMP locate high-risk sex offender thanks to help of taxi cab driver

Scott Jones wanted on a Canada-wide warrant, ‘a risk to women and girls,’ police say

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

A (virtual) walk around the world by 88-year-old B.C. man

George Doi says it’s simple: ‘I like walking’

End of CERB means uncertainty for some, new system for others

As of a week ago, the CERB had paid out $79.3 billion to 8.8 million people

West Kelowna Warriors complete sweep of Vernon Vipers

Warriors edge Snakes 2-1 as Okanagan Cup BCHL exhibition tournament begins

Most Read