At our Breakfast Event last month, we discussed how the election of the Liberal Party would affect the future of real estate in our province, particularly the Prime Minister’s aggressive plan for infrastructure development. With vows to make the largest investment in Canadian history, Trudeau says he will invest $125 billion over the next decade -- a substantial difference compared to the Conservative’s previous spend of $65 billion. However, given our unique market, the big question for many is whether or not Vancouver will be able to benefit.
Photo: Justin Trudeau/Facebook
“Government has a responsibility to act decisively and for the public good,” said Prime Minister Trudeau. “Canada’s economic growth was made possible by building ambitiously. We must do so again if we are to transform our transit and transportation systems, create more livable communities, and ensure that we adapt to a changing climate.”
Each province will receive dedicated funding for public transit as well as social infrastructure in the form of affordable housing, seniors facilities, early learning and childcare, and cultural and recreational infrastructure. They’ll also provide funds towards local and wastewater facilities, climate resilient infrastructure, and clean energy.
By increasing the transparency in the New Building Canada Fund, there will be faster approval processes that prioritize investments in roads, bridges, transportation, ports, and border gateways.
Photo: Evergreen Line/Facebook
Transportation and affordable housing have been headlining our province’s greatest concerns for years. With the rejection of the proposed Skytrain system along the Broad Corridor, many are concerned that the high volume of traffic won’t be declining any time soon. As for the services, retailers, and restaurants, they’ll need to introduce innovative ways to promote traffic through their doors that would’ve otherwise been brought by transit.
Vancouver’s expensive real estate market is what sets us apart from most of Canada, which is why some argue Trudeau should create a different plan for the west coast versus our neighbouring provinces. However, if planned strategically, our city could greatly benefit from this new investment. If we can improve transit and incorporate these promised initiatives, then it can allow our suburban cities to grow in all facets of residential and commercial real estate.