The Housing Landscape in B.C.
Sustainability and resilience Climate change is forcing adaptation across the sector. Flooding and wildfires are becoming significant issues in various regions of B.C. and are leading to rising home insurance rates, which may impact overall affordability. Available “greenfield” land for new home construction may be at greater risk of climate change effects. Additionally, wildfire smoke can hinder construction activities due to limitations on outdoor work. Partnerships with Indigenous communities Embedding the principles of Indigenous reconciliation into housing delivery is a necessity, through strong partnerships and collaboration, and fulfilling our commitment to adopt and implement policies and practices based on the United Nations Declaration on the Rights of Indigenous Peoples. Economic environment While moderating interest rate and rental price growth is relieving some housing pressure, deep housing affordability challenges remain for many. Growing global economic uncertainty will likely have the biggest impact on those who are already struggling financially.
1 Following revised 2024 immigration targets, the Parliamentary Budget Officer estimates this gap could decrease by about 45% nationally, resulting in a revised supply gap of 335,500 units for B.C.
13
Strategy2030: Taking Action to Build a Better Future
Made with FlippingBook - Share PDF online