We need accurate data.
That’s what BC Finance Minister Mike de Jong is saying to critics who say his government isn’t moving fast enough to deal with foreign investors in the housing affordability crisis in Metro Vancouver.
Minister de Jong was speaking on the Jon McComb show and lay partial blame on the City of Vancouver for not moving fast enough on permit applications to build new housing.
“And when I discover that there are upwards of 25,000 applications for new homes awaiting approval in Vancouver alone, I said this to the Mayor, we have to get on with that.”
LISTEN to the full interview here:
But McComb wasn’t buying it…
“But this is the same old crap Mike. What they get from you is ‘Oh, they have to wait for the data, oh it’s Gregor Robertson’s fault’. I mean, c’mon – isn’t it time for somebody to step up to the plate and take responsibility for this? “
“Well Jon, forgive me if I disagree because for some time now I’ve been making the point that ultimately the solution to the challenges that arise out of what’s happening in and around Vancouver in terms of the real estate market, will reveal themselves or will be the result of governments working together.”
Minister de Jong then continued to insist the problem is supply not meeting demand.
“Never mind the international dimension, within British Columbia as long there are more people trying to purchase something and there is a diminished supply – what’s going to happen to prices?”
“Well, my point,” replied McComb, “is you can build supply from now until God-knows-when, but if there is a massive influx of off-shore (buyers) stepping up to buy that supply, the local people are being shut out, and the prices will go up and up and up. I know supply and demand, even though I only have a Grade 12 education I get the basics of supply and demand. But i also understand when a market is being gamed, when a market is being flooded with investment from outside.”