By David Wiwchar

Housing statistics released

Dec 4, 2024 | 8:11 AM

Port Alberni City Council received an interim housing needs report today.

According to the report, rental rates have increased almost 40% for a 2-bedroom and almost 50% for a 3 bedroom unit within the past 5 years, and rents have increased 33% more than wages.

Purchasing a home has become even more prohibitive as house prices have risen by more than 50% and condo prices a whopping 117%

According to the report, 1200 homes are needed in Port Alberni within the next 5 years across all categories: market, non-market, subsidized, and ownership.

The 98-page report will be presented at 6 tonight as cities throughout the province are legislated to submit their interim housing needs report to BC Housing before January 1, 2025.

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Home sales dipped in November, despite continued rate cuts from the Bank of Canada

Benchmark home prices in Port Alberni were down 1.5% from the previous month, but still up 5% from the same time last year, to $494,000.

The number of homes sold dropped 47%, from 36 in October to 19 last month.

Benchmark Townhouse prices continue to increase steadily, up 1.5% from October and 2.5% a year ago to $459,000

The 98-page report will be presented at 6 tonight as cities throughout the province are legislated to submit their interim housing needs report to BC Housing before January 1, 2025.

Home sales dipped in November, despite continued rate cuts from the Bank of Canada

Benchmark home prices in Port Alberni were down 1.5% from the previous month, but still up 5% from the same time last year, to $494,000.

The number of homes sold dropped 47%, from 36 in October to 19 last month.

Benchmark Townhouse prices continue to increase steadily, up 1.5% from October and 2.5% a year ago to $459,000