20 Years Later: Affordability
The Comox Valley Regional District recently approved revisions to the Kensington Island Properties Master Development Agreement. The process of approving this agreement has been twenty years in the making since the sale of the land back in the late 1990’s. If this finally allows for development to start on the 1,000 acre property in Union Bay, it offers potential for over 2,000 housing units, as indicated in The Record. This phased development may address restricted supply and push the average lot price back down below $200,000.
We applaud Mayor Jangula of Courtenay and his leadership to address the affordability issue. In fairness to all, few could have foreseen the “perfect storm” which has driven the property market in most of British Columbia over the past three years. Restricted supply and overheated demand has pushed many from the possibility of home ownership. It is our view that at least part of the problem (restricted supply) may best be solved by freeing up the private sector.