Increasing Housing Supply is Key to Affordability in Around Town
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According to the Vancouver Island Real Estate Board’s (VIREB) August Statistics and Media Release, active listings of single-family homes and row/townhouses are 50 per cent lower than in August 2020, while VIREB’s inventory of condo apartments dropped by 61 per cent year over year.
|SF MLS ®||Average Sale $||$ Increase|
|Comox Valley||$854,785||+33% last August|
|Campbell River||$689,755||+23% last Aug|
|Port Alberni/West||$614,255||+53% last Aug|
|Parksville/Qualicum||$858,405||+27% last Aug|
|Powell River*||$612,795||+32% last Aug|
VIREB states the number of sales would have been higher if there was adequate inventory and believes that the delays developers face at the local level are significant barriers to increasing housing supply.
Source: VIREB Market Statistics, *PRSCREB MLS Stats
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