Increasing Housing Supply is Key to Affordability in Around Town

September 9, 2021

Your Weekly Construction Briefing

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.

The Vancouver Island Real Estate Board August Market Report states low inventory continues to hampering housing sales and raising costs.
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

Building Links Construction Reports and Statistics: The weekly #1 construction projects resource for 27 years. New and updated projects, permits, tenders, and industry connections for Vancouver Island – Central North, West Coast and Powell River. Helping you build connections so you can build communities! Where are you getting your information from? Support local trades – Subscribe Now!