The British Columbia election is making headlines and capturing attention throughout the province, yet the proposed solutions to address one of the most pressing issues — housing affordability — have largely missed the mark.

Conservative plans: ‘Rustad Rebate’, ‘Get BC Building’

Let’s start with the Conservatives’ Rustad Rebate, a $3,000 monthly credit on rent or mortgage interest costs. While well-intentioned, this rebate seems to be a short-term fix that skirts around the larger systemic issues plaguing the housing market. This plan risks inflating property values further by offering rebates instead of addressing the root causes of high housing costs. The rebate could also inadvertently increase demand without a corresponding surge in supply, thus exacerbating the affordability issue it aims to alleviate. 

To be fair, the Conservatives have offered other housing solutions beyond the Rustad Rebate in the form of the “Get BC Building” plan. 

The costed platform and details of this plan were revealed just days before the election, leaving experts little time to understand the long-term implications of the proposed initiatives. Moreover, the platform sets an ambitious and unrealistic GDP growth target of 5.4 per cent, along with a deficit comparable to the one presented by the NDP. A lot of the content focuses on criticizing the NDP rather than providing further details on potential solutions.

Rustad’s proposal to develop new towns certainly captures attention and sparks creativity. But, many British Columbians, including myself, are eager to learn more specifics about how the details of this ambitious plan would be implemented. 

NDP plans: Cover 40% of a home’s cost for new buyers, tax cut & more homes for middle-class

On the NDP front, David Eby’s pledge to cover 40 per cent of a home’s cost for new buyers is similarly problematic, essentially transforming the NDP into the very speculators they criticize. 

While it’s designed to simplify entry into the housing market, this may also result in higher home prices, as sellers anticipate greater purchasing power from buyers. This also only targets a small group within the larger housing market in B.C. – first-time buyers. While we can all agree that first-time buyers are having an increasingly hard time getting into the market, this excludes equally important groups like young couples looking to start a family and seniors looking to downsize.

The plan also ties homeowners to long-term financial commitments that could become a burden if personal circumstances shift, echoing concerns from economic analysts about its potential to create new forms of financial insecurity. 

The NDP’s plan, combined with the Federal Liberals, could also significantly impact our housing market by encouraging potential buyers to pursue short-term incentives for homes that may ultimately exceed their long-term financial capabilities.

Both strategies reflect a trend toward using public funds to bring down housing costs. However, critics argue that these financial interventions don’t tackle fundamental issues such as property taxes and the cost of developing a project, which stand as significant barriers. 

Beyond Eby’s big idea to fund housing costs for new buyers, the NDP proposed a $1,000 boost for household budgets through a middle-class tax cut, along with a plan to intensify efforts against speculators and build 300,000 new homes for the middle class, which appear to be a fresh spin on their earlier policies. 

Green plans: Rental support & emergency housing

And lastly, the Green Party’s focus on rental support and emergency housing clearly leans on the public sector to boost housing supply and protect affordable rentals. While the public sector definitely has a role in making housing more affordable, we can’t forget about helping the private sector too. This approach overlooks a chance to come up with strong, creative policies that could connect with a wider audience looking for real change.  

Many of these electoral solutions fail to address the root causes of the complex housing affordability crisis in the region. From what we can see, even when they do acknowledge these underlying issues, they often lack specific details on how the party plans to implement effective measures.

Key solutions missing from the discussion include addressing the skilled worker shortage affecting home construction, slowing the growth of housing prices to allow wages to catch up, collecting wealth windfalls from zoning changes to fund affordable housing and implementing strategies to control costs in the regular housing market.

Ultimately, these housing strategies, though well-intentioned, risk becoming costly stopgaps. True progress demands policies that not only offer immediate relief but also pave the way for sustainable growth in our housing supply. B.C.’s housing crisis calls for a balanced approach that includes fiscal responsibility, market dynamics and long-term planning — a challenge that remains unmet in the current political discourse.