The Kamloops Real Estate Blog is updated regularly and provides a wealth of information for the real estate market in Kamloops, BC, Canada and the surrounding communities.
How British Columbia can meet its housing supply targets and meaningfully improve housing affordability in the province
To view the full interactive BCREA Market Intelligence report, click here. To view the latest Market Intelligence report PDF, click here.
Vancouver, BC – September 5, 2024. Despite recent government attempts to address BC’s ongoing housing crisis, a new economic report from the BC Real Estate Association (BCREA) indicates that even the current, elevated pace of construction will be insufficient to improve affordability in the province.
According to the latest BCREA Market Intelligence report, moving the needle of affordability and meeting the province’s housing targets will require aggressive reforms. These include significant expansion of the construction workforce, improved efficiency throughout the home-creation process, and collaboration between the construction sector and multiple levels of government.
Summary of Findings:
A status quo level of homebuilding will not be enough to meaningfully improve affordability over the next ten years.
Improving affordability will likely require a large expansion of construction production capacity to hit provincial targets.
Construction labour force expansion will be necessary but not sufficient. We also need a significant boost to productivity in the construction sector.
Building a record amount of new housing is going to require an unprecedented level of financial investment on the part of government and developers.
What this report hopefully shows is that, while ambitious, achieving bold housing supply targets is possible and, indeed, crucial to meaningfully improving housing affordability for British Columbians,” says BCREA Chief Economist Brendon Ogmundson. “However, it will require a coordinated effort from the government and the development sector, and probably a bit of luck.”
The report concludes that several other factors, including increased capital stock, regulatory streamlining, and financing incentives, will likely be needed to enable the construction expansion necessary to improve BC housing affordability.
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“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information
This weekend’s Kamloops open house will be held in Juniper Heights, Aberdeen & North Kamloops. Addresses, dates, and times are included with each listing below. Contact us if you have any questions or would like to schedule a private showing
2126 Lupin Crt Saturday September 7th, 2024 11 :30: 1:00pm Listed for $1,225,000. Link to information about this home. Link to information about Juniper Heights Listing Courtesy of Century 21 Assurance Realty LTD
1725 Balsam Pl Saturday September 7th, 2024 11 :30: 1:00pm Listed for $1,149,000. Link to information about this home. Link to information about Juniper Heights Listing Courtesy of Century 21 Assurance Realty LTD
721 Bramble Crt Saturday September 7th, 2024 1 : 2:30pm Listed for $749,900. Link to information about this home. Link to information about Aberdeen Listing Courtesy of Century 21 Assurance Realty LTD
1374 Ottawa Pl Saturday September 7th, 2024 2-3:30pm Listed for $518,900. Link to information about this home. Link to information about North Kamloops Listing Courtesy of Century 21 Assurance Realty LTD
New Listing: 401 Daladon Dr, Logan Lake, Kamloops, BC $623,800. Discover this beautifully designed basement entry home in Phase Two of Ironstone Ridge, a modern subdivision in charming Logan Lake, just 45 km from Kamloops.
Set on a spacious 0.19-acre lot. Enjoy the benefits of a new home warranty, providing peace of mind with your investment. The home features 9′ ceilings on the main floor, enhancing the open and airy feel. The kitchen is a highlight, equipped with stainless steel appliances and a central island perfect for both everyday use and entertaining.
The main floor includes three bedrooms, including a primary bedroom with a private ensuite, while the lower level offers two additional bedrooms and a full bathroom, providing ample space for family or guests. There is a good sized backyard with space for kids or pets.
With R1 zoning, a double garage, additional RV parking and the allure of abundant wildlife in the area, this home perfectly combines modern amenities with the tranquility of its natural surroundings. Don’t miss your chance to make this exceptional property your own!
