By Elio, Alex & Nicola — City to Suburb Real Estate Group, RE/MAX City Realty

With B.C.’s provincial election approaching on October 24, housing is once again a major issue for voters — and understandably so. For homeowners, buyers, renters, investors and developers, provincial policies can have a meaningful impact on the cost and availability of housing.

But how much could this election actually change the real estate market?

The short answer is: potentially quite a bit over time, but probably not overnight.

Here’s a look at the key housing issues being discussed and what they could mean for the B.C. real estate market.

Where the Market Stands Today

It’s important to look at the market before looking at politics.

B.C.'s housing market has been relatively slow in 2026. According to the British Columbia Real Estate Association (BCREA), 5,653 residential properties sold through MLS® in August — down 4.7% from August 2025 and about 25% below the 10-year average for the month. The average B.C. residential price was $924,826, down about 1% from a year earlier.

At the same time, BCREA says the market is showing signs of a gradual recovery. Its latest forecast calls for sales to increase in 2027, although elevated inventory and economic uncertainty remain factors to watch.

In other words, the election is taking place against a housing market that is already adjusting.

Housing Supply Is at the Centre of the Debate

One of the biggest questions facing the next provincial government will be how to increase housing supply while keeping homes attainable for buyers and renters.

This isn't simply a question of building more homes. The economics of construction matter too.

Land costs, construction costs, financing, development fees, regulations and approval timelines all influence whether a housing project makes financial sense.

Different parties have proposed different approaches to these issues.

The B.C. NDP

The NDP has proposed increasing the Speculation and Vacancy Tax from 1% to 2% for domestic speculators and from 4% to 5% for foreign speculators. It has also proposed a new Unsold Condo Tax on completed condos that remain unsold and vacant for more than a year.

The stated objective is to encourage vacant or completed-but-unsold homes to enter the housing market.

The potential impact on supply is being debated. BCREA has raised concerns that taxing completed units during periods of weak demand could increase costs for developers and potentially affect future construction decisions.

The B.C. Conservatives

The B.C. Conservatives have opposed the proposed increases to the speculation tax and the new Unsold Condo Tax. The party has also criticized several existing provincial housing policies and has proposed changes to areas including housing regulation and short-term rentals.

From a real estate perspective, the key question will be whether changes to taxes and regulations would encourage more investment and construction — and how those changes would ultimately affect prices, rents and housing supply.

The B.C. Greens

The B.C. Greens have put a greater emphasis on rental housing, tenant protections and non-market housing.

Their proposals include reinstating the Community Housing Fund and introducing vacancy control, among other measures intended to improve rental affordability and stability.

These policies would have their most direct impact on renters and rental-property owners, while increased investment in non-market housing could add to the overall supply of affordable homes.

What Does This Mean for Home Prices?

This is probably the question most buyers and sellers are asking.

The important thing to remember is that provincial politics is only one piece of the real estate equation.

Interest rates, employment, population growth, household formation, consumer confidence, lending conditions and the broader economy can all have a significant impact on housing demand.

For example, BCREA currently expects B.C. home sales to recover gradually, with sales forecast to increase in 2027. Its latest forecast also anticipates that the provincial average home price will decline modestly in 2026, reflecting elevated inventory and weakness in some of the more expensive Lower Mainland markets.

That suggests buyers and sellers shouldn't assume that the election itself will suddenly cause prices to rise or fall.

Instead, the policies introduced after the election could influence the market over the longer term.

What Should Buyers Be Watching?

For buyers, several areas are worth keeping an eye on:

• Housing supply: Will new policies make it easier and more economical to build?

• Taxes: Could changes affect the cost of purchasing or owning property?

• Development: Will new rules encourage or discourage new construction?

• Rental supply: For those delaying homeownership, rental availability and affordability remain important.

• Interest rates: Provincial governments have limited influence over mortgage rates, which are primarily driven by broader economic conditions and federal monetary policy.

For someone considering a purchase, these factors may ultimately matter more than the election headlines themselves.

And What About Sellers?

For sellers, the fundamentals of the local market will continue to be important.

Inventory, buyer demand, mortgage rates and employment conditions will all influence how quickly properties sell and how much competition sellers face.

Tax changes could also affect certain investors and owners of secondary or vacant properties, depending on the final legislation and the circumstances of the property.

But for the typical homeowner selling a principal residence, the biggest consideration will likely remain the same as it has always been: what are buyers willing and able to pay in the current market?

The Long-Term Question: Can B.C. Build Enough Housing?

Perhaps the biggest takeaway from this election is that housing affordability won't be solved by a single policy or a single government.

B.C. needs more housing, but it also needs housing that can actually be built economically.

That creates a balancing act.

Policies designed to discourage speculation or bring vacant homes onto the market may increase the supply available today. Policies designed to reduce development costs or speed up approvals could affect the supply of homes several years from now. And policies designed to protect renters may provide greater stability for existing tenants while also changing the economics for rental-property owners.

There are legitimate arguments to consider on each side.

What Happens After the Election May Matter More

The election will determine the direction of provincial housing policy, but the details will come afterward.

For the real estate market, the things worth watching will be the first budget, new legislation, changes to housing taxes and regulations, and whether proposed policies actually translate into more housing construction.

In the meantime, the B.C. market is continuing to operate according to its usual fundamentals.

For buyers and sellers, the election is an important factor to watch — but it shouldn't be viewed in isolation.

Real estate is a long-term market, and the effects of government policy often take years to fully emerge.

For anyone considering buying, selling or investing in B.C. real estate, the best approach is to keep an eye on the policy changes while also paying attention to the fundamentals of the local market.

After all, politics can change the rules of the housing market, but supply, demand and affordability still determine how the market responds.

Have Questions About What This Means for You?

Whether you're thinking about buying, selling or investing — in Coquitlam, New Westminster, Port Moody, Burnaby, Vancouver or anywhere in between — we're happy to talk it through. No pressure, just an honest conversation about what we're seeing out there.

Elio, Alex & Nicola
City to Suburb Real Estate Group
RE/MAX City Realty

Sources: British Columbia Real Estate Association (BCREA); B.C. NDP; B.C. Green Party. Photo: Mauro-Fabio Cilurzo / Unsplash.