File Photo (Image Credit: CFJC Today)

By Chilliwack MLA Dan Coulter

Sound Off

SOUND OFF: B.C. Liberals are out of touch on overheated housing market

Apr 13, 2022 | 9:59 AM

BUYING A HOME is one of the biggest decisions most people will make in their lifetime.

But right now in B.C., buyers are at risk. Out-of-control bidding wars are putting pressure on people to waive standard conditions just to have their offer considered.

Instead of supporting solutions, like the BC NDP government’s plan for a homebuyer protection period, BC Liberal MLA Bruce Banman thinks protecting people “really isn’t actually needed” and the housing market is “cooling off.” How out of touch can they be?

It’s not surprising that BC Liberals don’t understand what regular British Columbians are dealing with. After all, Kevin Falcon spent the last decade working for a big developer where he profited from the overheated housing market. It’s clear that he wants to preserve a system that benefits the wealthy and well-connected and leaves everyone else at risk.

Sources in the industry say that as many as 70 per cent of offers made in B.C. over the past year were without conditions, meaning people are waiving home inspections or financing approval. Even in Kamloops, realtors say more sales are being completed with no conditions.

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One family in Nanaimo found out the hard way just how risky that can be. After paying over the asking price and waiving an inspection on their first home, they found out it had damage that would cost up to $100,000 to repair. This could easily happen to any family throughout B.C.

Our plan is about protecting people. The legislation we’ve introduced would create a limited period in which the buyers can have an inspection done and ensure they have appropriate financing in place. This will put them in a better position to make a sound decision about buying a home in an overheated market.

Kevin Falcon and the BC Liberals may not think protecting people from this overheated market is necessary. Unfortunately, we’ve seen what 16 years of their inaction looks like and we’ve been working to clean up their mess since we formed government in 2017.

We are adding to the housing stock with 32,000 homes built or underway. We’ve also turned 18,000 empty condos in the Lower Mainland into rental units through the speculation and vacancy tax. And we are working with local governments to speed up approvals or new homes across the province.

Everyone deserves a safe place to call home and buyers deserve to be protected when buying a home. We know there is more work to do, but we’ve got a plan to build more homes, make it easier for people to find a place they can afford and protect people from unnecessary risks.

We’re committed to building a stronger B.C. where everyone can thrive, not just those at the very top.

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Editor’s Note: This opinion piece reflects the views of its author, and does not necessarily represent the views of CFJC Today or Pattison Media.