A Year-End Message From Our CEO
As we approach the end of another year and reflect on the year that was, I’m sure like many of you, our members, I’m nervous about what the immediate future holds, but remain optimistic about the opportunities for our sector, province, and country.
Needless to say, 2022 has been a challenging year with the impacts of the pandemic manifesting into spiraling inflation, rapidly rising interest rates, price corrections in the real estate market, and our need to reluctantly accept the fact that COVID, in one variant or another, is going to be with us for the foreseeable future.
In this backdrop, we have governments understandably scrambling to develop and implement solutions to support more vulnerable populations, with housing proving to be the most challenging issue for them and all stakeholders.
The rental housing industry in BC is characterized by a disproportionate number of small landlords, an aging rental stock and chronic supply shortages, particularly in larger urban centres, although supply shortages are increasingly evident more broadly across the province. In addition, the affordability of rental housing in BC, long seen as the most affordable form of housing, is experiencing a sea change as we witness a steadily increasing percentage of the rental population being required to use greater than 30% of their income on housing, with significant growth in those in the rental population using greater than 50% of their income on housing.
We should all be concerned about the dearth of secure long-term rental housing and its socio-economic impacts. In the absence of quick fixes, there are none unfortunately, there’s finally genuine recognition by all stakeholders that the creation of an overabundance of housing of all types and tenures, but especially purpose-built rental, is the only solution that will garner long-term positive results. To create this housing will require public and private partnerships and policies that ensure we have a legislative environment conducive to the operation and construction of rental housing.
In that context, it is frustrating and disappointing that we continue to be subject to policy decisions that further exacerbate the supply of both existing and new purpose-built rental housing. A notable example is the imposition of policies like rent caps that are completely disconnected from the inflationary and cost pressures our sector is experiencing.
LandlordBC’s mandate to represent owners and managers of rental housing in British Columbia has never been more important than today. Know that our commitment is unwavering – to promote and conserve the interests and rights of those engaged in the rental housing industry, foster public understanding of the industry, and promote the professional operation of the rental housing industry through education and support.
In closing, I would like to thank our members for your continued support of LandlordBC. I cannot understate the importance of your continued engagement in our Association.
To our supplier partners, thank you for the products and professional services you provide our members, and for your important support of our various events and initiatives.
I wish you all Happy Holidays and Merry Christmas. May the New Year bring you and yours health and happiness.