VANCOUVER — As municipal and provincial leaders gather for the Union of BC Municipalities convention this week, housing affordability is a key issue on the agenda.
Increasing the overall supply of housing—especially focusing on public and non-market housing—is an essential part of the solution, says new analysis released today by the BC office of the Canadian Centre for Policy Alternatives. Senior economist Alex Hemingway reviews the research on the impacts of housing supply on affordability and points out why supply—and particularly non-market supply—plays such an important role in improving housing affordability and security.
“Tackling the deep and long-standing housing crisis demands action on many fronts, including supply,” says Hemingway. “For BC that means a massive increase in the supply of housing across the board with as much public, non-profit, co-op and rental housing as possible.”
Hemingway's analysis notes that while an increase in overall supply is needed, the type of housing makes a difference.
"While increasing the overall housing supply is a necessity, building non-market housing does the most for affordability," adds Hemingway. "A big part of the housing supply discussion must be about a massive public investment in building public, non-profit and co-op housing to maximize the benefits to renters. That means our political leaders at all levels of government must set housing investments as a top priority to make housing truly affordable in BC."