Is British Columbia’s housing market equipped to accommodate a 3% growth push from business leaders?

Port of Vancouver (Canva)

The Greater Vancouver Board of Trade (GVBOT) has issued a challenge to the B.C. government: achieve a 3% annual GDP growth target over the next five years.

Unveiled on Jan. 30, the initiative, known as the “3% Challenge: Agenda for Economic Growth,” comes at a time when B.C. is facing economic uncertainties, from U.S. tariff threats to affordability concerns.

The GVBOT’s call to action stems from a survey showing that many Metro Vancouver residents and businesses feel the province lacks a cohesive economic strategy and that affordability has worsened in recent years.

Bridgitte Anderson, president and CEO of the GVBOT, emphasizes the need for policies that will boost economic growth and improve living standards in B.C.

The GVBOT predicts that meeting this target could result in $4 billion in additional revenue, thousands of new jobs, and enhanced affordability across the province.

But what impact could this have on B.C.’s real estate market? Will it fuel growth or drive prices up even further?

A boost in demand, with potential costs

Anderson suggests that a robust real estate sector is necessary to achieve the GDP target, as higher incomes and more jobs resulting from better growth will create additional demand in the real estate market.

According to the GVBOT’s agenda, a 3% GDP increase over five years would lead to a rise in per capita GDP, potentially boosting real estate market activity.

Experts like Vancouver Realtor Steve Saretsky and economist Brendon Ogmundson believe that the agenda could increase demand in the housing market, but also caution about the potential impact on prices due to increased income levels.

Ogmundson stresses the importance of higher housing supply to prevent price spikes as a result of increased demand.

Investors may return to the market

In optimistic economic times, investors are more likely to invest in real estate projects, especially with a 3% GDP growth projection.

However, challenges like tariffs and political factors have hindered investor confidence in the market, according to Saretsky and Ogmundson.

Both experts agree that changes are needed to attract investors back to the market and meet housing targets.

Will elected officials support the agenda?

The GVBOT’s agenda relies on the support of elected officials…