First, let’s examine what is happening in the world of judicial recounts based on razor-thin vote margins across the country in four separate electoral ridings.
Will the recounts change anything? That is yet to be determined but every ballot and every rejected vote is a proxy fight for majority control of the House of Commons. Election night results had Prime Minister Carney holding an almost-majority of 169 seats, now 170 based on the Terrebonne recount where the Liberals won by a single vote. If two ridings flip to the Liberals based on recounts, they will then have the magic 172 seats, which is a majority government confirming four more years for the Liberals. Regardless of the outcome though, the Prime Minister has made it clear that his government will not enter into a confidence and supply agreement with the NDP.
With credit to our colleagues at CHBA, CEO Kevin Lee and Government Relations Director Nicole Storeshaw sat down with members last week in a webinar format to discuss what the federal election results means for the residential construction industry.
Attended by members from across the country Kevin and Nicole shared their thoughts in a member-only access webinar. The accompanying post-election slide-deck can be found here.
Noting that party leaders Pierre Poilievre (Conservative) and Jagmeet Singh (NDP) both lost their parliamentary seats, there may some turmoil ahead as Poilievre tries to win his way back through a by-election to be held in Alberta and the NDP tries to rebuild itself as a national party following Singh’s resignation. For the time being, Canada has moved closer to a two-party country.
Kevin and Nicole summarized the Prime Minister’s first meeting with President Trump, noting that Trump continues with his “51st state” rhetoric and insists that he will not budge on tariffs as they are needed to rebuild the US manufacturing capacity. The heads of state will meet again in June at a G7 conference.
During the election, our national colleagues provided their recommendations to all parties, maintained election platform asks on the Affordability.Ca website, analysed party platforms and provided regular election updates to EOs and members on the priority of Unlocking the Door to Homeownership.
With strong working relationships with both the Liberal and Conservative parties, CHBA will focus on continuing momentum in delivering member concerns and organizational recommendations to all parties. This includes CHBA’s priority of recommending a comprehensive systemic change at all levels of government to address financial system change, policy change, labour system change and productivity change.
Our national team is ready to engage immediately with new cabinet ministers, hold the government accountable to its election platforms and promises and to ensure that addressing the needs of the residential construction industry must continue to be a priority as a partner in supporting the government goal of doubling Canada’s current rate of residential construction over the next decade to reach 500,000 homes per year.
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What’s Next?
Tomorrow will see Prime Minister Carney appoint a new cabinet, anticipated to be one of a tier-structured nature, with a smaller group of core Ministers.
Parliament will be recalled on May 26th, followed the next day by a historic throne speech by King Charles, the first time a monarch has delivered the speech in almost 50 years.
HAVAN continues to work with CHBA BC and CHBA to advocate for all levels of government to work together to address the challenges of the housing industry including zoning restrictions, density limits, and NIMBYism.
Looking to stay up-to-date on Metro Vancouver’s residential housing industry? Sign up for Wendy’s weekly Monday Morning Briefing and other HAVAN emails here.
QUICK BITES …
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GREEN SHEETS ON THE GO!
HAVAN member Green Sheet Construction Data tracks the Metro Vancouver construction market. Their online searchable database provides clients with a powerful tool to see past, current, and future construction projects across the Lower Mainland. Visit Green Sheet Hot Tips to view this month’s featured projects.
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Is a buyer’s market emerging in Vancouver real estate? With listings rising and interest rates falling, BIV reports homebuyers have more options and negotiating power across key segments.
Metro Vancouver home sales are slowing and inventory is building as economic uncertainty, political tensions, and trade war risks make buyers and investors hesitant. CBC reports industry experts suggest savvy buyers may benefit from making lower offers, but note that widespread price declines have yet to materialize.
The Vancouver Sun reports that condo marketing firm Rennie has announced it is laying off a quarter of its head office staff, blaming geopolitics, economic factors and artificial intelligence.
International trade tariffs aside, Storeys shares data from GVR Director of Economics and Data Analytics Andrew Lis indicating market conditions in Greater Vancouver are very favourable to buyers – but they remain on the sidelines.
