News release: GVBOT issues new report on the federal government’s role in housing affordability

For Immediate Release
August 8, 2019

VANCOUVER, B.C. — Today the Greater Vancouver Board of Trade released a new report exploring how the federal government can help improve housing affordability and availability in our region.

The report, entitled More Homes, More Choices, makes several key recommendations to the Expert Panel on the Future of Housing Supply and Affordability, which was announced earlier this year by the provincial and federal governments.

“The lack of available and affordable housing is a persistent challenge facing the Greater Vancouver region. It affects the quality of life of residents and impacts many local businesses, who are finding it increasingly difficult to attract and retain skilled workers due to the high costs of housing,” said Evi Mustel, Vice-Chair of the Greater Vancouver Board of Trade.

“In recent years, much of the public debate on housing affordability in the Lower Mainland has focused on the actions of local and provincial governments. While the federal government’s National Housing Strategy makes meaningful strides, the Board of Trade believes the federal government can unlock more housing — especially rental housing — by using a broader set of tools within their toolkit.”

Four of the Board of Trade’s key recommendations in today’s report include:

• Coordinate current federal housing and transit investments and consider additional incentives or requirements to encourage more housing near rapid transit
• Make changes to the Income Tax Act to support new rental construction
• Explore creative ways to encourage new rental units within existing zoning, such as a tax credit for building new rental or laneway homes
• Double down on efforts to unlock federal lands and allocate proceeds from federal developments to support regional housing investments

The report also explores how housing insecurity is shaping our region and highlights some of the rationale for policies supporting homeownership and rental housing.

To read the full report, visit boardoftrade.com/morehomes.

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About the Greater Vancouver Board of Trade:

Since its inception in 1887, the Greater Vancouver Board of Trade has been recognized as Pacific Canada's leading business association, engaging members to impact public policy at all levels of government and to succeed and prosper in the global economy. With a Membership whose employees comprise one-third of B.C.'s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through four unique Signature Programs. In addition, we operate one of the largest events programs in the country, providing a platform for national and international thought leaders to enlighten B.C.'s business leaders.

Media enquiries:

Greg Hoekstra
Communications Manager
Greater Vancouver Board of Trade
604-640-5450 | media@boardoftrade.com