NANAIMO – The Vancouver Island Real Estate Board (VIREB) reports that in June 2017, 621 single-family properties sold on the Multiple Listing Service (MLS) System compared to 712 last June, a decrease of 13 per cent.
Month over month, sales decreased slightly from May, with 621 homes selling in June compared to 630 the previous month. Inventory of single-family homes declined by 20 per cent from June 2017, with 1,297 active listings available last month compared to 1,620 one year ago.
Active listings of single-family homes have steadily increased each month since VIREB hit its historic low of 859 in December 2016, but demand continues to exceed supply, with well-priced properties quickly selling once they hit the market.
“We’ve been in a sellers’ market for months now, and buyers are snapping up available properties,” says Janice Stromar, VIREB President. “Multiple offers are commonplace, which is frustrating for buyers and their agents. That said, sellers still need to price their home correctly because overpriced homes can sit unsold for months.”
The British Columbia Real Estate Association (BCREA) affirms that strong economic fundamentals continue to fuel housing demand in the province.
“A healthy provincial job market, low interest rates, and consumer confidence are all contributing to robust housing demand throughout most of British Columbia,” says Brendan Ogmundson, BCREA Economist. “BCREA expects the provincial economy to grow by 3.3 per cent this year, which will likely be the highest in Canada.”
In June 2017, the benchmark price of a single-family home in the VIREB area rose to $444,500, up 18 per cent from one year ago. Prices increased in every zone, ranging from 15 per cent in Parksville-Qualicum to 21 per cent in the Comox Valley.
The benchmark price of an apartment in June rose 28 per cent board-wide from the previous year, with Comox Valley posting an increase of 42 per cent. The townhouse market strengthened again in June, registering a price increase of 24 per cent board-wide and hitting 40 per cent in the Comox Valley.
The June 2017 benchmark price of a single-family home in the Campbell River area was $348,500, an increase of 19 per cent over June 2016. In the Comox Valley, the benchmark price hit $436,500, up 21 per cent from last year. Duncan reported a benchmark price of $403,400, an increase of 18 per cent compared to June 2016.
Nanaimo’s benchmark price rose 19 per cent to $479,300 while the Parksville-Qualicum area saw its benchmark price increase by 15 per cent to $497,600. The price of a benchmark home in Port Alberni hit $241,600, up 20 per cent from one year ago.
