What is driving gains in the condominium and townhouse market? Two factors: affordability and inventory. Although the average price of homes in BC is lower than last year, a closer look at the data reveals the composite of homes being sold has shifted to smaller free-standing homes, condos, and townhouses. BCREA economist Brendon Ogmundson attributed this shift to a pronounced need for more affordable residential real estate along with short supply. “(The) supply of homes available for sale has not recovered and is still declining in many markets around the province,” says Ogmandson. http://www.bcrea.bc.ca/news-and-publications/news-room/news-releases/2017-03-statistical-release Indeed, home prices in most BC markets are being pushed higher due to severe supply constraints. This is particularly true in the Victoria region, which currently has less than two months of total inventory for sale. Victoria Real Estate Board President Ara Balabanian stated "Thi
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