CMHC reports strong evidence of overvaluation in the Victoria market due to a lack of supply.

“Active listings have drawn down to par with the level of new listings, which is unprecedented. The total existing home supply recorded at the end of June roughly matched the rate at which
units were added over the course of the month.”

Langford continues building 40% of housing while the other 12 municipalities are not addressing land issues.

We discuss the land issue in a past column.

In addition to rising land costs, the BC govt plans to ratchet up the cost of new home construction by 10% to 20% with the introduction of their Step Code.