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Victoria's housing outlook likely to remain hot till 2023, says CMHC report


“Prices will grow, but not as fast next year or the year after,” she said, noting prices in the resale market are expected to increase by about five per cent in 2022 and 2023.
But she warned there is a lot of uncertainty when it comes to predicting what’s going to happen in the mid- and long term, as housing demand is driven in part by population growth, which is expected to resume its pre-­pandemic pace in 2022 as ­immunization efforts progress.
CMHC suggested the local job market would return to its pre-pandemic level in 2022, which is vital to attracting migrants from other provinces and countries. ....

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Higher prices will create a drag on future sales of Vancouver homes: CMHC report


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Metro Vancouver housing prices will continue to rise after the COVID-19 pandemic, creating a drag on sales growth as homebuyers’ budgets shrink, according to the Canada Mortgage Housing Corp.’s spring outlook Thursday.
CMHC senior analyst Braden Batch predicted that Metro’s housing market will face the same housing affordability and supply-shortage challenges that existed pre-pandemic.
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Higher prices will create drag on future sales of Metro Vancouver homes: CMHC Back to video
He said demand for housing in Vancouver last year went in two different directions: demand for home ownership expanded, and demand for rental housing receded. ....

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Rental housing tough to find up-Island; Nanaimo vacancy rate drops to 1%


‘It is desperate,” Violet Hayes, executive director of the Island Crisis Care Society, said Tuesday.
“It’s really challenging. We regularly get calls from people that are asking us do we have any leads. It’s just almost impossible [for] people on fixed incomes. [It is] so hard to find a place.”
The market is getting tighter as people move to Nanaimo, she said. The city estimated its 2019 population at 98,957 and anticipates reaching 106,254 by 2024.
The vacancy rate in Nanaimo, which has 4,132 rental apartment units, has declined even though more than 400 new units were completed in 2020. Because demolitions and renovations took many of the existing rentals out of the total pool, the overall increase was only four per cent, or about 150 additional units, said Pershing Sun, a senior analyst with Canada Mortgage and Housing Corp. ....

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