Sellers’ market continues on Island

Home sales were ‘brisk’ in March says the Vancouver Island Real Estate Board

Home sales were ‘brisk’ in March says the Vancouver Island Real Estate Board in a month-end report.

“VIREB’s real estate market set a brisk pace in March, with buyer demand outpacing supply in most markets,” said VIREB President Margo Hoffman.

The Vancouver Island Real Estate Board covers Vancouver Island outside the Greater Victoria area.

Last March, 520 single-family homes sold compared to 420 sales in March 2015, an increase of 24 per cent. Month over month, sales were up by 29 per cent from the 406 sales processed in February 2016.

Last month’s active listings totaled 1,599, down 26 per cent from the 2,167 reported in March 2015.

BC Real Estate Association Economist Brendon Ogmundson said the robust market conditions occurring throughout the province are reflective of British Columbia’s vibrant economy.

The provincial economy is the strongest in Canada, with GDP growth expected to be around three per cent this year. Extremely strong construction activity, surging retail sales, and the highest job growth in three years are key economic drivers fueling the bustling real estate market.

“Although we’ve been saying that the housing market can’t continue at this pace indefinitely, there are no signs that point to a slowdown,” said Ogmundson.

He noted that although single-family homes are still the most popular property type, changing demographics could shift that trend in the next decade.

“Over the next ten years, there will be around 200,000 people between the ages of 20 and 49 in the province, so we expect that demand for townhouses and condominiums will increase,” said Ogmundson.

Hoffman said that it has been several years since realtors on the Island have been this busy, but low inventory continues to be a major challenge in the VIREB area.

Multiple offers, particularly on single-family homes, are common occurrences.

“Our market is in definite seller’s territory, and we just don’t have enough inventory,” said Hoffman.

Despite rising prices, Hoffman noted that the VIREB housing market is still very affordable compared to Victoria and Lower Mainland communities.

In March the benchmark price of a single-family home in the VIREB area was $350,400, up seven per cent from one year ago. Benchmark pricing tracks the value of a typical home in the reported area.

 

Duncan reported a benchmark price of $310,700, an increase of 8.23 per cent over the same month in 2015. Nanaimo’s benchmark price rose 5.95 per cent to $367,000.

 

 

Just Posted

LSS improv program gives students an opportunity to be themselves and entertain others

The Ladysmith Secondary School improv program has planned two weeks of shows for the community

New Sonic the Hedgehog trailer shows off Ladysmith and new character animation

At long last, Sonic the Hedgehog will hit theatres on February 14

Diamond District woman warns against the use of rat poison

At some point between breakfast and lunch Martin had suddenly collapsed and died

Calling all believers: Chemainus Theatre Festival runs Miracle on 34th Street

Opening night is Friday, November 15, and closing is December 29

Remembering Jack Neil, ace fighter pilot and father

Remembrance Day is an opportunity for John Neil to remember his father, Jack

VIDEO: B.C. to restrict nicotine content, bring in 20% tax on vaping products

Province will also restrict candy and fruit flavoured vaping products to adult-only stores

Seguin lifts surging Stars to 4-2 win over Canucks

Dallas is 6-0-1 in last seven outings

‘City that protects rapists’: Sexual assault survivor slams Kelowna mayor for defending RCMP

Heather Friesen spent the morning handing out flyers around city hall calling out the mayor

Batten down the hatches: Wet and windy weekend on the way for coastal B.C.

Environment Canada issues special weather warning for Lower Mainland, Vancouver Island

BC Liquor Stores to move fully to paper bags by March

Vancouver Island to be the first to convert to paper bags in November

Tolko shuts B.C. divisions for two weeks over holidays

Head office to close from Dec. 23-27; two weeks’ downtime runs Dec. 21-Jan. 6

B.C. government working with RCMP to address $10 million in budget cuts

Public Safety Minister Mike Farnworth issues statement following report of RCMP cost-cutting

Port Moody mayor says stayed sex assault charge related to ‘awkward date’

Rob Vagramov said charge was related to a string of dates in 2015

UBC conference draws fire over speaker from Chinese tech company blacklisted in U.S.

The company that has been blacklisted by the U.S. over links to the repression of China’s Muslim minority

Most Read