A lack of housing supply and an eruption in demand has Greater Victoria’s real estate market continuing to set the pace for the economy. The benchmark price for a single family home in the region’s four core municipalities was $996,500 for April. That’s up 2.9% from March and 12.6% higher from April 2020’s benchmark price of $884,600.

“We’ve seen an imbalance in our market for a quite a few months,” Victoria Real Estate Board President David Langlois said in a news release. “Our market is based on supply and demand and there is a disconnect right now with record low supply and high demand. Unfortunately, our housing supply is not as elastic as market demand is.”

Langlois says markets such as Greater Victoria can “erupt quickly,” and outpace the time it takes to build new homes.

“These realities make it hard to bring our market into balance. Efforts by government to dampen demand by making home ownership more expensive through taxes and borrowing limitations do not bring balance. Municipal governments adding costs and time delays to new developments do not bring balance. A commitment to developing our communities over the long term may.”​

The Chamber continues to work on behalf of business to help the provincial government plan for a safe summer with fewer restrictions. Provincial Health Officer Dr. Bonnie Henry has had nothing but praise for businesses and their efforts to prevent transmission of COVID-19 among customers and staff. It’s not surprising. Those of us in the business community understand the innovative work being done, especially by our restaurateurs and retailers.

Our message to government is that they don’t have to think like a business — but they have to includes businesses in their decision-making. As BC’s immunization plan ramps up and we reach the point when widespread transmission stops, better communication from the government remains vital.

For example, the rollout of complicated guidance around patios caught many restaurants off guard. The Chamber supports efforts of the BC Restaurant and Food Association to call for a better process that allows businesses to be part of the solution.

One idea is for highly effected sectors to have someone assigned to them who can serve as a direct connection between industry and the provincial cabinet. Dr. Henry has been tireless in her work to protect the public, but she should not be expected to manage the engineering specifications of outdoor patios across the province.

More than 40% of eligible adults on Vancouver Island have been vaccinated. We’re getting close to putting the pandemic behind us.

People encamped in City of Victoria parks are officially transitioning to indoor housing, after the city’s bylaw prohibiting daytime camping took effect May 1. It’s expected to take time to move everyone in the park who is homeless into accommodations secured by BC Housing.

“I don’t want people camping in the city of Victoria,” Mayor Lisa Helps told CBC Radio. “It’s not good for anyone. I mean, that’s been abundantly clear … Our parks are not campgrounds.”