To follow-up, demand is the issue not supply. Because demand is about more than just demand for simple shelter for people living here. Much of the demand out there is for speculative investment. Or safe haven - coupled with citizenship of convenience - for foreign money.

The rate of population growth in the Lower Mainland has not spiked. It was just as high or higher in the 1990s and early 2000s, when prices didn't do what they're doing now. This verifiable at the link I posted above and elsewhere.

Instead of addressing this demand issue by limiting speculation or attractiveness to foreign $, the government is manipulating the market, using tax $ to give interest-free loans so people can keep up with these other demand drivers that are the cause of high prices. 

Once you see who the biggest donors to the current government are, their own personal real estate holdings, and the (increasing) dependency of BC's economy on this sector, the motivations for this new program are clear.