Emergency Powers Bill
The B.C. Provincial government has just brought in a draft bill (March 13th) giving itself extensive emergency powers,
in order to be able to act unilaterally to respond to potential further tariffs from U.S. This would allow the Premier
to act without any legislative oversight. It has had first reading.
Salt Spring Island
The issue and impacts of proposed tariffs are worrying, and they will cause disturbance to the way things were being
done, but they do not fall into the category of war or global pandemic.
This is a worrying development by a premier who is in a minority position, without the deal he struck yesterday with the
two elected Greens, to support his NDP. This unnecessary bill will be in place until May 2027…unless gov’t decides to
extend it. This is a very serious thing, covers many things, and is not perhaps limited to tariffs responses. The
premier should call an election and let this be up to the electorate. This bill will allow the premier to be the sole
decider of all things going forward.
Canada’s Next Prime Minister
Federally, on March 14th, the new leader of the Liberal party will be sworn in as Prime Minister, and his cabinet
choices will also be sworn in. It is expected that he will call for an election, before the prorogued parliament
reconvenes at end of March. We will then hear his ideas about negotiation with the U.S. President.
The premiers of the provinces are dealing with various specific and differing provincial issues and therefore are unable
to speak broadly for the country itself. It will take time to begin interprovincial trade…long standing barriers in
place between each province have to be removed. This does not happen quickly.
Federal Uncertainty Stalls Real Estate Momentum
In the meantime, across Canada, people are treading water about real estate decisions, and are again taking a wait and
see response. The uptick in markets in October, November, December, January began to slow in February…due to
uncertainty. If there is an early federal election, it may take until late May to see the pattern of the 2025
marketplace appear.
At the moment, locally, low inventory continues and prices remain relatively stable. Listings are up in Vancouver, which
has been the main source of our buyers since 2016. A desire for the safety of a rural lifestyle and a preservation of
capital (a currency concern) are still the two main drivers of action here. A pause in activity has once more developed.
Stay Tuned!!!
