Join hosts Brent and James in an eye-opening conversation about BC’s housing crisis. With thousands of people flocking to the region each month, the demand for housing is reaching unprecedented levels. However, the alarming reality is that the supply falls far short of meeting this surge in demand, setting the stage for an imminent price surge that threatens to leave countless individuals without affordable homes. In this captivating episode, they sit down with Brendon Ogmundson, Chief Economist with the BCREA to unpack the ineffectiveness of government policies aimed at curbing demand. Prepare to be shocked as they unveil a startling revelation: This is not a housing bubble; its an expensive game of musical chairs where the stakes couldn’t be higher.
Don't miss this enlightening podcast that confronts the housing crisis head-on and paves the way for meaningful discussions and potential solutions.
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Over 1.5 million people live in strata housing in the Province of British Columbia.
Let's face it, you'd rather watch reruns of the nightly news than read the Strata Property Act (And we can't blame you) Still, most people are at a loss when it comes to understanding such an important framework for how many of us live our lives in proximity with one another.
🎙 Stratagize with Brent Anderson & James Milne features conversations with industry leaders and experts who share their knowledge to demystify an industry that impacts the lives of more than 1 out of 3 British Columbians.
Whether you are a council member, owner, investor, or renter, if you're looking for content that will bring value to your strata and help you get to the next level… THIS is it!
Listen to our latest episode, subscribe and rate us on iTunes. 👊
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🚨 STRATA TIP:
Understand the difference between outcomes and needs. Put some thought into the root causes behind the problems you are facing. Whatever is required to solve those root causes become the actual need which results in the desired outcome.
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MAIN TAKEAWAYS:
🛠 Immigration is going to bring about 100,000 people into British Columbia annually.
🛠 To match supply with demand, the BCREA is calling for 45,000 units per year to be completed (25% increase over current rate of completion. CMHC is calling for 80,000 units per year to be completed.
🛠 Speed of completion is one of the bigger issues. 10 years ago it took 12-15 months, today completion takes over 24 months.
🛠 Government policies aimed at addressing demand have not had the desired effect. Focus is needed on the supply side of the problem.
QUOTES
“It’s [housing crisis] is a huge problem, it's taken ten years for policy makers to figure out the issue is supply.”
“ We’re getting to a bad place. There is a bunch of demand and not much supply so prices are raising at an unsustainable rate.”
“Affordability is not a problem that politicians can fix.”
🦄 MYTH VS FACT
Is the housing bubble going to burst?
(Myth)
We’ve had so many economic shocks and none of them had an impact on home prices.
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