A New Plan to Tackle Our Housing Crisis | Simpson Sells Penticton, RE/MAX Realtor
The issue of affordable housing is one that is close to the hearts of many residents of Penticton and Summerland. With housing prices, it is becoming increasingly difficult for people on fixed incomes or with low-paying jobs to find a place to live. For some, the only option is to move out of the area altogether. This can have a ripple effect on the community, as it can lead to a decline in Penticton’s population, and potentially a decrease in tax revenue that is vitally needed to support our essential services.
I believe that affordable housing initiatives are therefore vital for maintaining the health and vibrancy of all our South Okanagan communities. There are several different solutions being talked about. There are government incentives for developers to build more affordable, family-sized units that are close to schools and transit. In the short term, municipalities are also partnering successfully with local businesses to provide affordable rentals. Changes to city bylaws can encourage residents to add a suite to an existing home. Whatever the approach, I believe that more affordable housing is essential for the well-being of all.
On November 21, 2022, the new British Columbia Premier, David Eby, put forward a plan to address the affordable housing crisis with new legislation. The Housing Supply Act, if approved, would by mid-2023 speed up housing development and increase supply. New housing targets will encourage municipalities to address local barriers to construction, including updating zoning bylaws and streamlining their local development approval process. These laws will help to ensure that homes are built quickly and efficiently, while also ensuring that they meet the needs of the people who will be living in them. You can click here to read more about how mayors across the province are responding.
These actions would become part of B.C.’s 10-year, $7 billion “Homes for B.C.” plan. Realtors like myself welcome these changes because it will help to ease the pressure for buyers looking to move into the South Okanagan. More units becoming available, faster, will help our Penticton community grow and thrive.I think this is a welcome step from the provincial government. For sellers, it will provide critical information about what value there might be in adding a suite, before putting a home on the market in 2023.
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Trusted South Okanagan Real Estate Expertise
We’ll be watching to see how cities and our elected politicians from all parties, respond to this NDP provincial government proposal. In 2023, I’ll be providing the latest analysis on new housing developments in my marketing newsletters. We are here to help you find a place to call home that fits your budget. I am excited to bring my comprehensive business background and negotiating skill set to work for you. Give me a call to discuss how this legislation might affect buying a new home or selling your current home in the South Okanagan.