So……What’s driving this?*
In the past few newsletters, we have tried to identify the factors driving the market.
The tight rental market forced rental levels up and encouraged first time buyers (renters) into the housing market. We are witnessing the surge from the lower mainland which is due in part to the influx of buyers from China.
We have highlighted the supply side problems caused by the expensive and time consuming approval process.
Recently, the North Island Hospitals Project released some interesting facts. The budget for the Comox Valley hospital is $331.7 million, and for Campbell River $274.5 million. Between the two projects the number of people working recently surpassed 1,000; a new record. Local workers make up about 2/3 of that number.
Some time ago, an analysist stated “ you should never under estimate the importance of the construction to the local economy”. No Kidding!
Be Advised…….Socrates strikes again 9 September. More info to follow.