The Vancouver Island Real Estate Board (VIREB) reports that single-family home sales dipped in August, down to 540 from last year’s 622, a decrease of 13 per cent. Although fewer units are moving, the board attributes it to lack of inventory, not a cooling market.
In its 2017 Third-Quarter Housing Forecast, the British Columbia Real Estate Association (BCREA) reports that the B.C. economy has expanded at above-trend growth for over three years, with 2017 expected to be the fourth consecutive year of three per cent or higher economic growth. Multiple offers continue to be the norm, and realtors are now receiving them on condominiums and townhouses, which is virtually unprecedented for the VIREB area.
The August 2017 benchmark price of a single-family home in the Campbell River area was $367,000, an increase of 21 per cent over August 2016. In the Comox Valley, the benchmark price hit $454,900, up 21 per cent from last year. Duncan reported a benchmark price of $408,300, an increase of 15 per cent compared to August 2016. Nanaimo’s benchmark price rose 18 per cent to $492,900 while the Parksville-Qualicum area saw its benchmark price increase by 15 per cent to $508,200. The price of a benchmark home in Port Alberni was $248,300, up 19 per cent from one year ago.
Excerpted from the VIREB Monthly Statistics Report.
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