After Busy December, Home Sales on Vancouver Island Return To Normal in January

Posted on Feb 3, 2018

Sales in the Vancouver Island Real Estate Board (VIREB) area returned to seasonally normal levels in January after experiencing the busiest December on record. The Vancouver Island Real Estate Board (VIREB) has released its monthly sales report, showing sales returning seasonally normal levels in January after the busiest December on record. Higher interest rates and the new mortgage stress test are expected to erode purchasing power for some buyers in 2018.

The British Columbia Real Estate Association (BCREA) notes that the housing market in B.C. is still thriving due to the province’s strong economy. However, some economic headwinds in the form of higher interest rates and Guideline B-20 – also known as the mortgage stress test – are forecast for 2018. BCREA expects economic growth in the province to slow this year, expanding at a respectable 2.8 percent, but lower than we have seen in some time. Rising interest rates will erode affordability for some home buyers, and Guideline B-20 could reduce the purchasing power of conventional mortgagors by up to 20 percent.

Last month, the benchmark price of a single-family home in the Campbell River area hit $379,600, an increase of 22 percent from the previous January. In the Comox Valley, the benchmark price was $463,700, up 17 percent from last year. Duncan reported a benchmark price of $418,600, an increase of 15 percent compared to January 2017. Nanaimo’s benchmark price rose 19 percent to $514,400 while the ParksvilleQualicum area saw its benchmark price increase by 14 percent to $519,700 from one year ago and dip slightly from December 2017. The cost of a benchmark home in Port Alberni reached $259,100, up 20 percent from one year ago.

Excerpt from VIREB Press Release on Feb. 1, 2018.

Read More

Vancouver Island Real Estate Board Releases 2016 Buyer Profile

Posted on Jun 26, 2017

The 2016 Buyer Profile provides statistical information summarizing “home characteristics” for VIREB’s overall board area within its boundaries. These include Duncan-Cowichan Valley, Nanaimo, Port Alberni-West Coast, Parksville- Qualicum, Comox Valley, Campbell River, North Island, and the Islands.

At 81.5 per cent, owner-occupiers continue to be the primary buyers in the VIREB area.

In 2016, 26 per cent of homes that sold were under $250,000, 51 per cent were under $350,000, and 68 per cent sold for under $500,000, Only 1.4 per cent of homes in the VIREB area sold for more than $1 million dollars.

At 58 per cent, single-family detached homes represented the majority of purchases in 2016, with condominium apartments accounting for 10 per cent of purchases and townhomes garnering 7.2 per cent of total home sales.

In terms of aggregated buyer origin, home purchasers break down as follows:

  • 31.6 per cent from Vancouver Island;
  • 41.6 per cent from elsewhere in British Columbia (Vancouver and the Fraser Valley make up 27.8 per cent of that figure);
  • 24.2 per cent from elsewhere in Canada; and
  • 2.6 per cent from outside of Canada.

Receive up-to-date information on building permits, tenders, proposed developments and construction news for the Comox Valley, Campbell River, Port Hardy, Powell River and more locations on the North Island at BuildingLinks.ca.

Read More

How Will Emerging Contract Security Trends Affect Your Business? Get the Answers at VICA’S Member Meeting on September 18!

Posted on Aug 26, 2013

Do you know how emerging trends like subguard compare to other options in contract security? Do differences between the options negatively impact stakeholders or benefit them? Get the answers to these questions at the upcoming Vancouver Island Construction Association (VICA) member meeting:

Developing Trends in Contract Security
September 18, 2013
7:30 a.m. to 11:00 a.m.
Laurel Point Inn
680 Montreal Street
Victoria, BC
 

This topic will be of particular interest to general contractors, trade contractors, construction managers, project managers, owners, architects, and engineers. A wide range of industry perspectives will be presented and discussed, followed by a question-and-answer period.

Terry Brown will be your facilitator and featured panelists include :

  • Owner – Rick Gudz, CFB Esquimalt Site Manager, Defence Construction Canada
  • Insurer – Zurich Insurance
  • Surety – Randy Singh, Construction Services Account Executive, HUB International
  • Surety – Dave Bentley, Construction Services Account Executive, HUB International
  • General Contractor – Anibal Valente, VP, PCL Constructors Westcoast Inc.
  • Trade Contractor – Russ Hepworth, President, Tech Mechanical

One sponsorship spot is currently available for this event. Please contact admin.victoria@vicabc.ca for information regarding this opportunity.

This event is free for VICA members and $75.00 for non-members. To become a VICA member, visit their website.

 

Read More

Osprey Electric is an Electrical Contractor Offering Complete Commercial & Residential Services on Central Vancouver Island

Posted on Apr 26, 2013

Osprey Electrician ParksvilleSpecializing in commercial maintenance, design-build and alternative energy solutions

Osprey Electric Ltd. is an Electrical Contractor located in Parksville on Vancouver Island. They offer complete electrical services including design-build, commercial, industrial, and residential construction, complete with 24 hour on-call service.

Osprey electricians are committed to providing timely and quality service to each and every client. Jobs are completed in a safe, efficient and professional manner. They are fully licensed and bonded, and offer a one year warranty on all services.

Osprey Electric offers the following services: data/voice networks wiring and trouble shooting; commercial and residential service upgrades; commercial building electrical maintenance; commercial tenant improvements; solar energy solutions; custom home wiring; residential renovations; fire alarm upgrades and troubleshooting; lighting upgrades; electric car chargers; and industrial facilities maintenance.

Osprey Electric electricians serve the Mid-Vancouver Island region, including Nanaimo, Parksville, Duncan, Ladysmith, Port Alberni, and Courtenay

Their construction department has a wide range of experience in all facets of the electrical industry including commercial, residential and industrial project estimating. Their design-build division will work with you from conception to reality and will help you complete your home, building or project on time and on budget. Osprey Electric also offers alternative energy solutions such as car charging stations, off grid or grid-tied solar energy, wind energy and energy solutions for remote homes and cabins.

Contact Osprey Electric

Read More

Earn Money for Building an EnerGuide Efficient Home With Help From Elemental Energy Advisors

Posted on Feb 25, 2013

Elemental Energy AdvisorsElemental Energy Advisors’ Certified Energy Advisors, Cristi & Kate will provide EnerGuide rating for your new Vancouver Island home, save you money on energy costs and put money back in your pocket.
Home builders and owner-builders can receive $2,000 or more in incentives from BC Hydro and Fortis for building an energy efficient home.
Since the current energy incentives began in 2010, Elemental Energy Advisors have helped builders obtain more than $100,000 in incentives for building energy efficient homes.
Elemental Energy Advisors can work with builders to review house plans before construction to suggest ways to build a more energy efficient home, and can review heating and hot water options. They provide a projected EnerGuide rating for a home, and complete a building envelope test once the home is complete. A typical new home will qualify for the minimum rating of EnerGuide 80, required for the incentives.
Building Green can be cost efficient and rewarding for both builders and home-owners, and is made easier with help of Certified Energy Advisors at Elemental Energy. Let them do the work and put money back in your pocket, with energy efficiency incentives and immediate savings in your utility costs. It pays to Energuide.
Building energy efficient saves you money now and adds value to your home the day you decide to sell. Elemental Energy Advisors provides free consultations, to ensure the home is eligible for the incentives – contact them today!

Send a Message to Elemental Energy Advisors

Read More