The British Columbia Real Estate Association (BCREA) released its latest Economics Housing Forecast in October.

Housing market conditions remain "exceedingly tight" in the Vancouver Island-Coast region, according to the recent report, and there has been "substantial upward pressure on home prices" in the last year.

"Housing markets in the Vancouver Island-Coast region saw an historic surge of demand through the early part of 2021," the BCREA wrote. "That surge of demand would be translating to record sales if not for a severe lack of inventory of homes for sale. Indeed, even with that severe drought in the supply of listings, sales are forecast to approach previous record levels in 2021."

CKTZ News reached out to Peter Wrinch, a long-time housing advocate and current Hollyhock Learning Centre chief executive officer, for his perspective on how the BC housing situation is impacting rural communities like Cortes Island. 

Wrinch says Cortes Island is feeling that "upward pressure" and that the cause for the local housing shortage is complex, with a number of possible contributing factors: The overall unaffordability "pinch" in the Vancouver housing market and the resulting price escalations; the increase in Airbnb and short term rentals on the island; the influx of new residents from urban areas, especially during the pandemic, as technology affords more opportunities to work from home.

Listen to the full interview below: