Episode 26: Countdown: Unveiling BC's housing challenge as demand skyrockets and supply falters

About the Episode:

Join hosts Brent and James in an eye-opening conversation about BC’s housing crisis. With thousands of people flocking to the region each month, the demand for housing is reaching unprecedented levels. However, the alarming reality is that the supply falls far short of meeting this surge in demand, setting the stage for an imminent price surge that threatens to leave countless individuals without affordable homes.

In this captivating episode, they sit down with Brendon Ogmundson, Chief Economist with the BCREA to unpack the ineffectiveness of government policies aimed at curbing demand. Prepare to be shocked as they unveil a startling revelation: This is not a housing bubble; its an expensive game of musical chairs where the stakes couldn’t be higher.

Don't miss this enlightening podcast that confronts the housing crisis head-on and paves the way for meaningful discussions and potential solutions.

 

Get the Guides:

3 Keys to Decision Making for Strata Councils

Maintenance Planner Checklist

8 Steps for Going out to Bid

About the Guest:

Brendon Ogmundson

Chief Economist, BC Real Estate Association

Brendon Ogmundson is the Chief Economist for the BC Real Estate Association. He holds an MA in Economics from Simon Fraser University and is a CFA Charterholder. Brendon specializes in housing market analysis and macroeconomic forecasting and authors several BCREA monthly and quarterly publications. He is a member of the BC Ministry of Finance’s Economic Forecast Council, a contributor to the Philadelphia Federal Reserve’s Survey of Professional Forecasters and was recently named one of the most influential economists in BC by Business in Vancouver Magazine.

About the Hosts:

Brent Anderson

Business Development Director, FirstService Residential British Columbia

As Business Development Director, Brent is responsible for the continued growth and strategy of FirstService Residential’s Market throughout British Columbia. 


Brent’s professional career in sales began selling souvenirs at Canucks games back at the PNE Coliseum. For the past 15 years, has been closely working with strata managers as a salesperson for various trades, including painting, high-rise window cleaning, and HVAC services.

The sales world is full of cookie-cutter reps who lead with their ego and put their needs ahead of the customers. Not Brent; he is passionate about the needs and goals of his clients and specializes in bringing them peace of mind. 
  
Brent lives in South Surrey with his wife and their Jack Russell Terrier. He is an avid hiker and budding kayak enthusiast. 

James Milne

Business Development Director, FirstService Residential British Columbia

As Business Development Director, James is responsible for the continued growth and strategy of FirstService Residential’s Market throughout British Columbia. 

James takes a consultative approach to his role, recognizing that having the right fit between a community and its management is crucial to long-term success. Prior to joining FirstService, James worked in luxury hotel management and business-to-business sales. 

James has more than 20 years of experience in customer-facing roles and a true passion for customer service. He is a licensed strata manager and has a degree in Business Management. 

When not working, James is also an avid mountain biker and serves as the President of one of BC’s largest non-profit mountain bike clubs.

 

About Stratagize Podcast

Over 1.5 million people live in strata housing in the Province of British Columbia.

Let's face it, you'd rather watch reruns of the nightly news than read the Strata Property Act (And we can't blame you) Still, most people are at a loss when it comes to understanding such an important framework for how many of us live our lives in proximity with one another.

🎙 Stratagize with Brent Anderson & James Milne features conversations with industry leaders and experts who share their knowledge to demystify an industry that impacts the lives of more than 1 out of 3 British Columbians.

Whether you are a council member, owner, investor, or renter, if you're looking for content that will bring value to your strata and help you get to the next level… THIS is it!

Listen to our latest episode, subscribe and rate us on iTunes. 👊

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🚨 STRATA TIP:
If you have old bylaws that are no longer enforceable due to changes in legislation, consider having a strata lawyer review and edit them and have them passed at an upcoming AGM. This is good practice to do every 5-10 years.
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MAIN TAKEAWAYS:
🛠 The removal of rent restrictions affects about 2,900 empty strata units as determined under the Speculation & Vacancy Tax.
 
 
🛠 Stratas are leaving old restriction bylaws on the books as a passive (and unenforceable) deterrent.
 
 
🛠  Occupancy limits are a growing area of inquiry in Mr. Bleay’s practice.
 
 
🛠  A strategy for making rental less attractive may be to increase the move in/out fee.


 
🦄 MYTH VS FACT
Bill will 44 have a detrimental impact on pre-2009 strata corporations.
 
(Myth)
 
Jamie sees Bill 44 having very little impact at all.