Admittedly, it’s early in the governments’ proposals and incentives — both provincially and federally — to improve the shortage of housing everywhere in the country. However, it’s off to a slow start, according to the latest seasonally adjusted statistics from the B.C. Real Estate Association.
In a just-released report for January, starts were down by almost 44 per cent over January 2023…from 2,611 last year to 1,463 this year
The message is that the ongoing shortage of homes likely means that home prices are likely as low as they’re going to before some time. Coupled with the history that prime time for market activity is spring, that makes this an ideal time to test the market for home owners who are considering selling.
The accompanying graph from BCREA addresses housing starts in three other cities: Victoria, Kelowna and Abbotsford. Only Abbotsford has more than a year ago.
Graph Copyright British Columbia Real Estate Association. Reprinted with permission