According to BC Stats, just 11,776 new units of housing were created.
21,000 at 2.3/household would need about 9130 units of construction.
Two things we can assume then:
- 23 percent of new unit construction is aimed at owners that don't live here OR
- that 23 percent can be explained by the copious amount of single owner occupier units there are in this town
Seems to me there are too many units, and too few owners, and too few immigrants, and two few... you get my meaning.
Are we overbuilt? If so, by how much? I see stats that say we have 7-9 months of inventory right now. Usually that's a buyers market. Is this a buyer's market? Sellers?
Update: H/T to Nick in comments for corrected math.