Despite all the announcements on housing affordability from the new David Eby government in Victoria, a recent report by one of Canada’s largest banks shows things on the ground have never been worse. The NDP has tried desperately to stake out a position of having done something about housing affordability during its first five years in office, as well as the first two months under Eby. “No doubt the interest rates have a big part to play in the prices and where the housing goes,” said Housing Minister Ravi Kahlon. The new affordability report plays well for the Liberals, whose repeated calls for the NDP to show “results” in areas of affordability, housing and health care have proven effective attacks against the government’s credibility. It’s not clear how bad things will continue to get on housing affordability in 2023.
