Market Minute
Priced out of the housing market?
“Agenda 21 is a non-binding, voluntary implemented action plan of the UN with regard to sustainable development. It is a product of the Earth Summit held in Rio de Janeiro, Brazil in 1992.” [source]
Critics argue that the word ‘sustainable’ has not been defined, but one thing is certain; part of the thrust of this initiative is that it could be adopted at a regional or local level, with no national ratification necessary.
The active real estate market, with rapidly rising prices is the result of a number of factors. Very recently, the Fraser Forum – the Fraser Institute blog – entitled an article ‘Canada’s real housing problem is impeded supply, not high demand’.
The timing of this blog is very interesting to me. Recently, I had a conversation with a local developer who told me that increased regulation and time delay has added 33% to the cost of lots coming onto the market.
The Comox Valley Regional Growth Strategy (RGS) speaks often to affordability. However, with competing interests tied up in the RGS, it seems that the supply of land for development has been strangled. Apparently, affordability is a very low priority.
BTW: Fraser Institute co-founder Dr. Michael Walker has just been appointed to the Order of Canada.
