While Metro Vancouver’s high costs and low supply of housing is well documented, new research finds that those looking for appropriate, available housing further afield in BC may be out of luck as well.
In fact, “the entire southern portion of the province is experiencing a shortage of housing supply,”said Cameron Muir, chief economist for the British Columbia Real Estate Association (BCREA).
As a result, “continuing upward pressure on home prices [is] inevitable, at least in the near term.”
The shortage, Muir explained, comes from the fact that “market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale.”
Muir said that in May of this year, total active listings in the province were down 11.1% compared to May 2016. The ratio of home sales to active listings was well over 20 % in nine of the province’s 11 real estate boards, and over 50% in Vancouver, the Fraser Valley, Chilliwack and Victoria.
In addition, the number of residential sales recorded in May was down 7.9% from May last year as well.