More bureaucracy, even less inventory ahead:
This spring, B.C. has experienced an historic – and astounding – 52-day election. On May 9, 2017, citizens opted to realign dramatically the province’s longstanding political landscape, in a vote that left no party holding a majority. The situation prompted many residents to go back for a civics lesson on the rules behind our parliamentary system, while it remained for Lieutenant Governor Judith Guichon to determine which party configuration had the confidence of the house to lead the legislative assembly.
The result: denying an eleventh-hour plea from (now former) BC Liberal premier Christy Clark to call a new election, Guichon on June 29 asked the NDP to form a minority government. With John Horgan as premierdesignate and in union with the Green Party, the new NDP government, including cabinet appointments, will come together over the next few weeks.
At the Goodman Report, we’ve been asked repeatedly for our take on how this new order will affect rental apartment owners and tenants. As you may recall, the NDP in the past has shown a determined bias against the rental industry. After all, it’s the province that controls the Residential Tenancy Act, and the party’s history in power has been economically negative. Thus we can expect both landlords and their representative body LandlordBC to be extremely vigilant as the new government carries out changes to provincial housing policy. Despite the parties’ campaign promises, we predict that Metro Vancouver will continue to experience a crushing lack of new inventory, with – if anything – even more stringent regulations and bureaucratic impediments holding up development.
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