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Host Peter McCully chats with economist Jock Finlayson, who discusses a range of economic and societal issues affecting British Columbia, providing valuable insights. The former chief policy officer for the Business Council of Canada now serves with the Independent Contractors and Businesses Association.
‘Housing is just simply unaffordable. Home ownership has moved out of reach for a huge proportion of the population,” said Finlayson. “We’re looking at three per cent population growth rates for British Columbia and it’s quite extraordinary. Renters are the group I worry about the most. A lot of our frontline workforce, including in the small business world, consists of relatively young British Columbians who are in the workforce doing service jobs, helping keep the economy going.”
When asked about interest rates, the economist mentioned a potential rise in insolvencies and bankruptcies due to the challenging financial environment, emphasizing interest rates are likely to decline in the coming months, advising people to wait before taking out loans.
The discussion turns to government regulations on short-term vacation rentals and the challenges of balancing policy measures with economic principles.
“We are in a housing crisis, especially at the rental end of the markets,” said Finlayson. “So I do have some sympathy with the policymakers feeling the pressure to do something or be seen to do something. These restrictions that have been brought in are not going to solve the problem, frankly.”
The podcast also explores the complexities of the tax system and the need for a simpler, flatter income tax structure.
The challenges of affordability, supply and demand for electric vehicles are discussed, emphasizing the need for realistic targets in the transition to electrification.
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