Multi family shortage on its way for Vancouver Island and Victoria.

Multi family shortage on its way for Vancouver Island and Victoria.

With the huge increase in the value of single-family homes, the possibility of ever doing a Land Assembly anywhere in Victoria is over for the time being.

A land assembly is when Realtors® and or developers bring together adjacent lands to make a larger parcel to accommodate a larger development of houses, townhouses, low rise, or high-rise condominiums.

However, in Victoria, the combined value of the land plus existing structures have placed properties out of reach for Developers to assemble at a dollar amount that can support a re-development.

Couple that with increase building costs due to the current shortages of materials and labor, and I predict that we will see a severe shortage of new housing over the next 2 years leading to an overall shortage of available market housing.

If you currently own land that has been assembled, have a hard look at it because its value has increased. If you currently own land that has been assembled and is now zoned for its highest and best use, take time to seriously consider your options.

There is a land rush on right now according to my colleagues from here to Campbell River, the Gulf Islands, Port Alberni, Ucluelet, and Tofino.

Finally, keep in mind, the best time to sell is when few are selling, the best time to buy is when no one is buying.

Call me if you are looking to sell or purchase a property. My team and I will complete a full analysis of the property and your situation to determine the best course of action.

Chuck Meagher


MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.