Illustration of Potential Governance and Terms of Reference for Expert Panel

The Expert Panel could be jointly created and appointed by the governments of British Columbia and Canada along the following lines.

Composition:

  • Panel members selected from a range of fields related to various aspects of housing, urban composition, development finance and demographics.
  • Panel members would be private citizens with relevant expertise, rather than government officials, and would be appointed by the British Columbia and federal governments.

Objectives:

  • A goal of the Expert Panel would be to identify measures that the federal and provincial governments could undertake within their purviews to make housing in high-priced markets in British Columbia more affordable.
  • The Expert Panel would be asked to engage stakeholders in a targeted manner (e.g., bilateral meetings to multilateral roundtables), to seek views and promote effective public discourse on the long-term housing needs of British Columbians.
  • The Panel could:
    • Undertake detailed analysis on demographics and the market trends in housing in British Columbia.
    • Consult with stakeholders to explore innovations in new forms of housing such as micro housing and lock-off units, building technologies, industry capacity and leading edge housing finance tools.
    • Identify and evaluate federal and provincial measures, beyond those set out in British Columbia’s 30 Point Housing Plan and the National Housing Strategy, to increase the supply of housing in British Columbia to match demand. Measures could relate to infrastructure funding, housing strategies, housing regulations and financing.
  • Identify and evaluate measures that could be undertaken to deter unwarranted demand, including access to financing, reducing speculative market behaviour, lowering carrying costs of home ownership, and addressing the use of real estate for money laundering, as informed by the work of the British Columbia and the Government of Canada Ad Hoc Working Group on the Real Estate Sector.
  • In response to the objectives outlined above, the Panel would produce an interim report by mid-2020.
  • The Panel would produce a final report by the end of 2020.

Process and Oversight Structure

  • The Expert Panel will be clearly identified as a joint federal-provincial Panel, appointed by the Ministers of Finance of British Columbia and Canada and will advise the Ministers of Finance.
  • The Expert Panel shall treat as confidential and shall not disclose any confidential information, records, or documents which they may obtain as a result of the appointment, both during and after the terms of the appointment.
  • Secretariat support will be provided by Canada Mortgage and Housing Corporation and Province of British Columbia.
  • CMHC will pay for relevant costs including up to the maximum allowed travel expenses, according to the rates and conditions specified in the Government of Canada Treasury Board Travel Directive.