More Price Increases

Potential New Crisis in Home Building and Renovations.

• 
• By Nancy Smith
• Qualicum Beach REALTOR®
• Published: Aug 25th, 2020 at 7:04 am

Since Vancouver Island is fundamentally a unique market, North American fluctuating market prices do not significantly affect us. As proven by the Pandemic, our prices have not decreased but steadily increase as home supply has remained limited. The last few weeks in August has been incredibly active and REALTORS have been working long hours, dealing with multiple offers with only one successful buyer, and many buyers are left standing on the sidelines, feeling frustrated and a bit desperate.

Previous to the Pandemic, Vancouver Island has enjoyed(?) an active market with a large group of retirees flocking here with wallets full of cash. This hasn't helped the young families looking for a place to live though, as cash offers are trumping offers subject to financing.

Parksville is bringing many new homes, condos and apartments to market shortly, so there might be a bit of a shopping reprieve, but for people wishing to build, renovate or construct additions, they might be in for sticker shock prices over the next few months, and maybe lasting years. Not only has the Covid-19 raised our health fears, but many facets of our lifestyle may have permanently changed.