A total of 4,886 single-family homes sold on the Multiple Listing Service® (MLS®) in the Vancouver Island Real Estate Board (VIREB) region in 2015, an increase of 13 per cent over the 4,335 sales recorded the previous year. Both the benchmark and average prices increased last year, up 6.91 per cent and four per cent respectively. Inventory levels were at their lowest since 2005. Limited inventory continues to place upward pressure on prices.

A total of 4,886 single-family homes sold on the Multiple Listing Service® (MLS®) in the Vancouver Island Real Estate Board (VIREB) region in 2015.

A total of 4,886 single-family homes sold on the Multiple Listing Service® (MLS®) in the Vancouver Island Real Estate Board (VIREB) region in 2015

A total of 4,886 single-family homes sold on the Multiple Listing Service® (MLS®) in the Vancouver Island Real Estate Board (VIREB) region in 2015

BCREA Chief Economist Cameron Muir predicts that housing sales in 2016 will remain robust throughout most of the province although we may not see the same level of acceleration that presented in 2015. “The housing market is in a very healthy position heading into 2016, fuelled by consumer demand and low interest rates,” said Muir. “Lack of inventory throughout much of the province will see home buyers competing for properties, particularly in the single-family-detached market.” Uncertain economic conditions will likely keep interest rates low, with any increase coming late in the year, if at all, said Muir.

The December 2015 benchmark price of a single-family home in the Campbell River area was $265,200, down slightly from last year. In the Comox Valley, the benchmark price was $332,900, up 4.24 percent from 2014. Duncan reported a benchmark price of $302,300, an increase of 7.87 per cent over the same month in 2014. Nanaimo’s benchmark price rose 5.36 per cent to $356,300 while the Parksville-Qualicum area saw its benchmark price rise by 6.53 per cent to $380,900. The price for a benchmark home in Port Alberni was $197,700, an increase of 12.47 per cent since December 2014.