B.C.’s housing market is moderating and moving in the right direction, according to finance minister Carole James.
“It’s what we are looking for. We are continuing to monitor it.”
The correction in the market is not over, she said Tuesday.
B.C. committed in its 2018 budget to seeing 114,000 new affordable homes constructed within its 10-year housing plan, valued at $7 billion.
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A generation of young people has been left to believe that it would never be able to afford a home or raise a family here, she said.
While B.C. is “starting to see moderation in the market,” James said, “I don’t think we are at a stage where we can say that housing is affordable.”
The best thing the province could do to stabilize the housing market would be to work with local governments to find ways to encourage builders to continue building even during slow periods, said Cameron Muir, the B.C. Real Estate Association’s chief economist.