Growth and development are inevitable. They bring welcome tax dollars which help with infrastructure, new schools and a plethora of other services that are required of a growing community such as Langford.
However, when condo and townhome developments that were built two years ago and earlier still haven’t sold out, it should send a signal to the city’s planners that perhaps the market is getting saturated and there is no longer a shortage of places to live in the area.
To keep handing out building permits serves only to exacerbate the glut of empty residential units already on the market and pushes those market values down: too much supply and not enough demand. This is unfair to existing homeowners who may be trying to move out of the area and are forced to sell at a loss. It causes all kinds of problems.
Langford has grown by leaps and bounds since I moved here in 2005. One only has to look at the traffic congestion on our roads to realize the infrastructure has not kept pace with the housing development.
It’s time to put a lid on residential building permits and let the market readjust to a balanced state. Nobody likes to lose value on their property.