How Liberal election promises could affect the housing market

When the Liberals campaign promises are taken into account, that picture could change.

“I think the very helpful one is encouraging more construction that would, in the long run, improve affordability, but would basically do nothing in the short run,” said Tom Davidoff, UBC real estate expert. “The way they could affect the market quite a bit in the short run would be a variety of steps they’re thinking about to make it easier for first-time buyers.”

Davidoff did note the help for first-time homebuyers could backfire if there isn’t enough inventory to field the increase in demand.

In Prince George, the starter level single-family detached homes in the $300k-$400k range are some of the highest in demand.

Davidoff says an even larger surge for those homes could easily drive prices through the roof.

Political Science Instructor Chris Beach says with the billions of new spending promised by the Liberals eventually taxpayers will be on the hook for the bill, that is if the party is able to pass their promise on Parliament Hill.

by Caden Fanshaw

How Liberal election promises could affect the housing market

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