Candidates running for the office in next year's BC election are counting on housing issues discussions to get votes.
As reported by CBC News, Premier Christy Clark has promised to crack down what is called "shadow flipping" in the real estate industry, a "first step" towards addressing the uber hot housing market in Metro Vancouver.
"The shady practice that we have seen around Vancouver we all know has been driven by greed. Pure naked greed. The way we end that shady practice, the greedy people, is to take the profit out. That is how we think we are going to be able to make a difference," Clark said via CBC News.
The publication noted though there was no further details given on how the Liberals' plans of punishing realtors who engage in such activities will actually be carried out.
NDP is also banking on the housing affordability issues and likewise promised to ban shadow flipping. NDP Leader John Horgan last week introduced two bills in the legislature - the Housing Affordability Fund and Speculator Fee Act. The bills, when passed into law, aim to impose 2 percent tax on the assessed property value and the proceeds will go the region's funds for affordability initiatives.
Political analysts, on one hand, have warned candidates to be careful with their promises for the housing sector with the risks that they won't be able to deliver. But because housing affordability is a growing concern for the society, these politicians believe they have to show they are doing something.
According to a report from Global News, there is a huge demand of affordable housing, but the supply is not sufficient. Sharad Kerur, executive Director of Ontario Non-Profit Housing Association, said there are also no enough programs that would encourage builders to develop affordable housing units.