Housing Supply

'Dramatic imbalance' between supply and demand at core of B.C.’s housing problem: analyst

Rising interest rates may be temporarily cooling B.C.’s hot housing market, but the province is still faced with a critical lack of housing supply.

Data from the B.C. Real Estate Association shows there were 19,618 units for sale in March 2022. BCREA chief economist Brendon Ogmundson said inventory has never been this low heading into the spring — a traditionally busy period for home sales.

The lack of housing inventory has led to dramatic imbalances between supply and demand, particularly on Vancouver Island. The lack of supply across B.C. has driven average sales prices of single-family homes to just under $1.1 million, up 15 per cent from this time last year. Read the full story in the Revelstoke Review.