VANCOUVER, British Columbia, Feb. 19, 2021 (GLOBE NEWSWIRE) According to
BC Check-Up: Invest, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, the number of housing units that began construction in Southwest B.C. fell by 21.7 per cent in 2020 compared to the number started in 2019.
“The COVID-19 pandemic caused great uncertainty for investors across the province, including in Southwest B.C.’s typically robust housing market. Throughout 2020, nearly 6,800 fewer housing units began construction compared to the previous year,” said Lori Mathison, FCPA, FCGA, LLB, president and CEO of CPABC. “With recent residential price increases due to excess demand, this does not bode well for the affordability crisis in the region going forward. However, the situation has improved in recent quarters.”