What BC Developers Really Think About Another NDP Term

In the recent British Columbia election, the New Democratic Party (NDP) secured another term, prompting varied reactions from the province's real estate developers. Eric Carlson, founder of Anthem Properties, expressed strong opposition, describing Premier David Eby's administration as detrimental to economic freedom and property rights. In a letter that became public before the October 19 vote, Carlson criticized the government's extensive regulations and taxes, suggesting they excessively control individual behaviors.

Despite such criticisms, the NDP's re-election means the continuation of its ambitious housing initiatives aimed at addressing British Columbia's housing crisis. With Ravi Kahlon reappointed as Housing Minister, the government plans to proceed with policies that encourage denser housing near transit areas, eliminate public hearings for compliant projects, and set mandatory housing targets for municipalities.

Developers have mixed feelings about these policies. On one hand, they appreciate efforts to increase housing supply and streamline approval processes. On the other, they are concerned about new renter protections, upcoming building code changes that may increase construction costs, and the lack of measures to control rising development fees imposed by local governments.

Carlson remains skeptical, viewing the NDP as fundamentally anti-business and overly interventionist in the housing market. He doubts the government will change its approach significantly, anticipating only minor adjustments in policy implementation.

Conversely, some developers, like Mike Mackay, President of Strand Development, welcome the policy continuity. Mackay acknowledges the government's recognition of housing supply as a key issue and supports the shift towards policies that facilitate development. His company is actively engaged in building rental apartments and condominiums across the province, indicating a pragmatic adaptation to the current political landscape.

As the NDP embarks on its new term, the real estate development community in British Columbia is preparing for the impacts of the government's housing strategies. While some developers remain critical, others are adjusting their operations to align with the evolving regulatory environment, indicating a complex relationship between the industry and policymakers.