The Independent Contractors and Businesses Association (ICBA) has added its voice to a growing chorus of respected B.C. homebuilders and real estate leaders calling on government to address a deepening crisis in our housing and construction sectors.
In a joint open letter sent to Prime Minister Mark Carney, Premier David Eby, and other key decision-makers, we joined dozens of industry leaders to raise concerns about how well-intentioned foreign buyer restrictions are having unintended, harmful consequences for housing starts, construction jobs, and long-term housing supply in British Columbia. Read the letter HERE.
The letter was spearheaded and authored by a broad coalition of B.C. homebuilders and developers, and ICBA is proud to stand with them in urging government to rethink this policy. Specifically, the letter recommends Canada adopt a more nuanced approach—similar to Australia’s—where foreign buyers remain restricted from purchasing resale homes, but are allowed to invest in new builds and pre-sales. This kind of change would give more projects the green light to proceed, creating jobs and boosting housing supply in a province that desperately needs both.
While this is an important recommendation, it’s only one part of a much broader solution set that government needs to urgently implement. As we’ve long argued, British Columbia’s housing crisis has been made worse by an avalanche of red tape, punishingly slow permitting, and escalating construction costs driven in part by poor policy choices.
Getting to “yes” on urgently needed housing and infrastructure projects requires a complete rethink of how governments—federal, provincial, and municipal—approach construction and real estate. That includes modernizing permitting processes, incentivizing innovation and modular construction, lowering the cost of building through tax and regulatory relief, and ensuring that labour supply can meet demand.
The real estate and construction sectors are the two largest contributors to B.C.’s economy, accounting for nearly 30% of provincial GDP and more than $90 billion in economic activity. Every stalled project, every missed pre-sale threshold, and every unnecessary delay ripples through our economy—impacting jobs, affordability, and growth.
ICBA will continue to work with our partners across the construction and housing ecosystem to advocate for common-sense reforms that support building, investment, and opportunity.
