“We’ve seen an imbalance in our market for a quite a few months,” Victoria Real Estate Board President David Langlois said in a news release. “Our market is based on supply and demand and there is a disconnect right now with record low supply and high demand. Unfortunately, our housing supply is not as elastic as market demand is.”

Langlois says markets such as Greater Victoria can “erupt quickly,” and outpace the time it takes to build new homes.

“These realities make it hard to bring our market into balance. Efforts by government to dampen demand by making home ownership more expensive through taxes and borrowing limitations do not bring balance. Municipal governments adding costs and time delays to new developments do not bring balance. A commitment to developing our communities over the long term may.”​

Our message to government is that they don’t have to think like a business — but they have to includes businesses in their decision-making. As BC’s immunization plan ramps up and we reach the point when widespread transmission stops, better communication from the government remains vital.

For example, the rollout of complicated guidance around patios caught many restaurants off guard. The Chamber supports efforts of the BC Restaurant and Food Association to call for a better process that allows businesses to be part of the solution.

One idea is for highly effected sectors to have someone assigned to them who can serve as a direct connection between industry and the provincial cabinet. Dr. Henry has been tireless in her work to protect the public, but she should not be expected to manage the engineering specifications of outdoor patios across the province.

More than 40% of eligible adults on Vancouver Island have been vaccinated. We’re getting close to putting the pandemic behind us.