Soaring housing prices being driven in part by shortage of land

“This is something like we’ve never seen before,” says Terri McConnachie from the Canadian Home Builders Association, Northern BC division.

The City of Prince George could not comment on the backlog, only saying the focus was on trying to limit urban sprawl and focus on ‘infill’.

There are a record number of multi-family dwellings being constructed within city limits, with even more of them planned.

“We’re trying to avoid urban sprawl, and grow up and not outwards,” says Melissa Barcellos, Manager of Economic Development with the city.

Barcellos also says the appetite for multi-family dwellings has increased, as more and more people become priced out of the house they want.

That emphasis on ‘infill’ is something that Joe Myatovic, owner of Myatovic Construction thinks is great, especially for downtown.

“We’ve seen more and more housing go into the downtown especially over the last few years,” says Myatovic. “We’ve seen more of a push lately do these infill projects.”

The costs of construction have also drastically increased as the price of lumber jumps to new highs, and other materials become impacted by the COVID factor.

McConnachie does not think the current market is sustainable but does not know if there is a clear end in sight at this point.

by Caden Fanshaw

Soaring housing prices being driven in part by shortage of land

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