What Just Happened to My House?

BC’s 30-Point Housing Plan is Not Working

The Government of BC released a 30-point housing plan in 2018 to keep people off the streets and maintain affordable housing. Since then the homeless population and real estate prices have increased to the point where it is now a tremendous issue.

Every few days we hear of skyrocketing prices, and houses being sold over their asking price. According to the Fraser Valley, real estate board’s 2021 September Report townhouse prices have increased by 109.0% in the last 10 years and are increasing by 20% every year. The sales to active listings ratios have skyrocketed and are now at a high of 49%. This makes it a seller’s market, meaning that there are more potential buyers than homes, often leading to a buyer's worst nightmare, bidding wars.

In the midst of bidding wars and millions of dollars, the homeless population is increasing. According to Infogram’s homelessness counts in the lower Fraser Valley area homelessness has increased by around 100%. These are not only people who don’t have a job, these are people who can’t find a house because it is so unaffordable.

The government of BC’s 30-point housing plan was released in 2018. According to the stats mentioned above from the Fraser Valley Real Estate Board, the plan is not working. It cannot even maintain the prices much less low them. So, what is the problem with the plan? What is the government doing wrong, and how can we fix this crisis?