Hi Everyone,
I think the main question I am hearing is “Where do you think this market is going”? The answer is, it’s going to continue to rise. The reason is that there is a lack of land to build on. The last 4-5 lots that were released to the public were selling at $400000. I read the building links monthly and I can tell you that there are many areas of Campbell River that are being rezoned for future development. This is going to open up many opportunities for single family, multifamily, mobile home park pad rentals and rentals. We are about two years away from seeing the infrastucture in place for building. Until then, we are going to see a high demand placed on existing homes. The prices will continue to rise until we see some more new homes built.
There is some relief coming for rentals. There are four rental buildings/apartments that will be completed this year with 235 rental units coming to the market. Hopefully that will cull the rental gouging that is happening. Giving tenants more opportunities to find an afforable rentals. This will also take some demand off the lower end of the market with so many first time buyers looking to purchase because rent is so high.
Please feel free to contact me anytime for any of your real estate questions. I am always happy to help.
Vanessa Monteith-Hird PREC*