Building Permit Values Up on Vancouver Island

Posted on Jun 7, 2019

Vancouver Island Construction Association

The Vancouver Island Construction Association (VICA) has released their first quarter report for building permits on Vancouver Island and Powell River.  Total building permits issued in the region during the first quarter of 2019 totalled $610.0 million, up 26 per cent from the fourth quarter of 2018.

Building permits were higher in most regional districts except in Alberni-Clayoquot and the Comox Valley. Large gains over the prior quarter occurred in the Nanaimo and Strathcona Regional districts. 

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The Gales in Ladysmith – Minutes From Island Golf and Beaches

Posted on Apr 10, 2019

Tour the newest home for sale at The Gales in Ladysmith.

From the moment you enter the grand foyer you’ll appreciate the high-end finishings. Hardwood and tile, heated bathroom floors, amazing cabinetry and granite/quartz counters, gorgeous ensuite and beautiful fireplace feature wall make for stylish living. Tech wiring, a heat pump, HRV unit (for fantastic air quality and efficiency) and other Built Green Platinum features create a comfortable home.

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Update Your Home and Give Back With Budget Blinds on Central Vancouver Island This December

Posted on Dec 17, 2018

December is the time for giving and Budget Blinds is giving back to you, and to others on your behalf.

This month receive a 25% instant rebate on all orders, and Budget Blinds will pay the GST. Additionally, Budget Blinds will donate 5% of your product total to the Vancouver Island charity of your choice: YANA (You Are Not Alone); the BCSPCA; or VIMHS (Vancouver Island Mental Health Society)

Give your home a facelift this holiday season, save yourself some money and give back to others, with just one call to Budget Blinds on the Central Island.

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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.

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VIREB Reports 2015 Sales Numbers

Posted on Jan 16, 2016

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.

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