Reduce the Red Tape

As we enter into the eighth month of 2022, we find ourselves facing nothing more than the continuation – if not the worsening of our country’s housing crisis. We continue to call on our Canadian government to both raise interest rates and reduce the copious amounts of red tape that continue to hinder any progress we might make to right the housing market.

Yes, five months ago, Bank of Canada did raise interest rates .25%, but it wasn’t enough – not even close.

In March of this year, the More Homes for Everyone Act (Bill 109) was introduced; and in mid-April the Act was passed. If you are unfamiliar with the Act, we can’t blame you – when reading through it, if you do not have expert-level experience within the sector, or if you don’t have some sort of advanced community planning or economics degree, it feels as though you’re reading a foreign language.

The Act, although well-intentioned (as was the incrementally-larger interest rate raise) is not the solution. Does it address things that need addressing? Absolutely! Does it simplify, fix or make the processes more attainable to renters, buyers, builders and planners? No.

Outside of an interest raise (larger this time), the reduction of government-implemented red tape will be the quickest route to resolving the housing market crisis. Of course, we need laws, regulations, guidelines and permits, but as it stands currently, those that are in place are far too convoluted for the every-day Canadian to navigate, meaning they lose out on even the smallest of wins they could attain within the current market. Those with the means to understand and navigate the red tape and system as it stands are the exact buyers and investors driving the price inflation and supply shortage.

Small amounts of red tape are fine – and necessary – the current amount, paired with the dangerously low interest rates have put us in a position that favors the wealthy few, and leaves the vast majority of everyday Canadians struggling and in crisis.

We firmly object to this, will not stand for it, and will continue to work tirelessly to resolve it. Thank you as always for your support; in donations, volunteering or sharing our content. We cannot make the impact we do without you.