Three weeks after the provincial election, we now know that the BC NDP and Green parties intend to work together in a minority government. On May 30, the parties released their joint agreement, outlining the foundations of their alliance and the key policy issues they intend to work on.
What does this new political landscape mean for real estate in BC?
Before we get to a new government, Premier Clark will call the legislature together for a confidence vote (in which all MLAs will vote on whether they support the Liberal government continuing), probably before the end of June, and she fully expects to lose this vote. At that point, the Lieutenant Governor will be able to ask the NDP and Green parties to form government. It’s not yet known when that new government would call the next legislative session or deliver their proposed budget.
The joint agreement signed by the NDP and Green parties reiterates an election promise both made to take action on real estate speculation and fraud. BCREA continues to advocate for a fair and balanced approach to regulating real estate practice, highlighting the work REALTORS® and real estate boards have already done on this file.
The joint agreement also emphasizes increasing the supply of affordable housing. BCREA has made several recommendations on key ways to increase supply, including gently densifying urban areas and ensuring local governments levy appropriate fees for developers (more information: www.bchousingaffordability.ca).
Although not mentioned in the joint agreement, BCREA expects that the implementation of recommendations made by the Independent Advisory Group in 2016 will continue, even if the government changes. BCREA continues to work with the Office of the Superintendent of Real Estate and the Real Estate Council of BC to ensure changes are made in ways that avoid unintended negative consequences for real estate professionals and consumers.