The average list price for single family detached homes has long been a leading indicator for Real Estate trends. The average list price sends clear signals to home buyers about affordability. This is true for neighborhoods, true for towns, for cities and true for a Province.
The challenge of “new supply” is real, and there are no easy answers, no quick solutions.
The problem is that when a small town lacks new supply, talk of “housing affordability” is a complete non-starter.
And when a town lacks housing options, “attracting jobs” is also stopped dead in its tracks.
A look at Summerland Housing points to a critical lack of supply:
MLS housing data reports the average list price for a Single Family Detached home in Summerland BC is priced OVER…
There is just one single family detached home with an asking price less than $250,000 in Summerland MLS.
The reality is that lack of affordability is a direct result of the lack of new housing supply in Summerland.
And THAT is making it very difficult for families, and retirees wishing to come to Summerland BC.