Housing

As the October federal election approaches, housing continues to be one of the critical issues Canadian face.  After over 20 years of minimal attention on the issue, the federal government has finally re-engaged with housing policy and funding. While much jurisdictional authority for housing provision and regulation lies with provincial governments, the federal government, nonetheless, can leverage significant affordable housing infrastructure through its spending powers. Indeed, federal leadership in ensuring affordable housing has been key in the past.  Yet, housing experts worry the current initiative promises too little, to be delivered tomorrow and not today. 

In May, Democratic presidential candidate Joe Biden caused a small media storm when comments he made that he had no empathy for millennials who argue they face more difficult economic circumstances than previous generations circulated on social media. Biden was only the most recent public figure to weigh in on what’s become a hot topic over the past few years.

For Black History Month, the Institute launched a policy series highlighting bold policy solutions in order to tackle anti-Black racism, focusing on the need for intergovernmental action. Each submission proposes a plan for governments to work together to tackle a problem; while serving as a guide for advocates working towards [what should be] our collective effort to eradicate anti-Black racism. 

When Christy Clark’s government released its budget in February, many advocates were hoping for real action on soaring housing costs. British Columbia’s economy is growing and investments in affordable housing in this budget – for the last full fiscal year before going to the polls in 2017 – had the potential to address the severe crisis many British Columbians are facing.  

If you find yourself agreeing with the Conservative opposition’s critique that the Liberals’ new National Housing Strategy doesn’t do enough for the “middle class”(an arbitrary category), you may be unaware of the depth of income inequality and the state of housing affordability in Canada.

Leading progressive academic economist Steve Keen gained international recognition after he successfully predicted the 2007 global crisis using an alternative macro-economic model built on the pioneering work of Hyman Minsky and Wynne Godley. His new book, “Can we avoid another financial crisis?” argues that the lessons of the crash have still not been learned by the economic policy mainstream, and that a new crisis looms for some highly indebted countries, including Canada.

In the lead up to the provincial election next May, the Liberal government has begun laying the groundwork for an election platform, announcing new policies in the hopes of wooing voters. 

Experts have roundly criticized BC Premier Christy Clark’s recent home ownership grant policy. A key part of the negative reaction has been based on fears that interest free grants will increase housing prices and drive a further wedge between incomes and housing costs, a divide already plaguing the Vancouver and lower mainland markets.

On September 22 and 23, the Broadbent Institute hosted Progress Summit BC to chart a progressive path forward for the province in this critical election year. In the panel entitled 'Retrieving affordability: progressive policy solutions for BC’s housing crisis' panelists were asked to outline what practical, progressive, policies can ensure future generations of lower and middle-income British Columbians can live and thrive in their cities. A summary of their remarks are outlined below. 

Inequality is a major theme of current research in economics throughout the world. The now-famous Capital by Thomas Piketty released in English in 2014 is a case in point. It is also a major focal point in Canada, as illustrated by the book Income Inequality: The Canadian Story published recently by the Institute for Research on Public Policy and in the ongoing work of the Broadbent Institute and other groups.