Conversations Live with Stuart McNish is a long form, thoughtful, public affairs dialogue addressing the big topics of our times. A social purpose venture, we are seeking to advance our understanding and seek solutions through dialogue.For each episode we bring together panels of individuals with deep experience in the month’s topic for a constructive and unscripted conversation, aiming to bring out the full story behind the headlines and soundbites.
Our events are webcast free of charge on the Vancouver Sun and our own website, and available for video replay and as audio podcasts afterwards. Host Stuart McNish is a long-time broadcaster, moderator and interviewer. We hope you will join us for the conversation.
Last February, I was pleased to participate in a housing panel discussion with Housing Minister Ravi Khalon, Coquitlam Mayor Richard Stewart, and representatives of real estate banking, rental housing, and economics.
Tomorrow, March 4, at 6pm, another housing panel discussion will take place. As Stu McNish observes
"Last year at this time the headlines were filled with Real Estate Crisis stories. The Province and the Feds were making announcements upon announcements. Bills 44 and 47 were introduced with the idea that they would force municipal governments to increase density.
It is legislation that was supposed to increase certainty of supply, stabilize prices and boost construction. But did it work?"
I am delighted to be invited back to join Bob Rennie, Neil Chrystal, Beau Jarvis, and Metro Chair Mike Hurley to review what happened over the past year and whether the housing legislation has worked.
While I will save most of my remarks until tomorrow, I intend to point out that while the province has certainly played a role in encouraging municipalities to approve higher density housing, the sad reality is that presale markets have dried up. Investors have been driven out of the game by bans on foreign buyers, short-term rentals, second-home buyers, and higher interest rates. Empty-nesters who are interested in downsizing to a townhouse or apartment are not willing to buy three or four years before completion.
Rental housing markets are not much better. Many condo projects have converted to rental, thus increasing supply, while demand has been curtailed by reduced immigration and many younger people moving to Alberta or back into their parents' basements.
Furthermore, ever-increasing municipal CACs, DCCs/DCLs, and off-site engineering fees (that sometimes require developers to front-end payments to be recovered from nearby developers at some time in the future) are making it impossible to finance many new projects. Especially since these fees must be paid before the project can even proceed.
This is evident from the number of projects that have been approved in principle, but not proceeded to final approval and construction.
Each of this year's panelists is experienced, knowledgeable and thoughtful. I am anticipating a very lively, informative, and entertaining conversation. While there is a lot going on tomorrow, I hope you can tune in. And if you can't, you can always watch the video. Details can be found here:
https://www.conversationslive.ca/
