VIREB, The Vancouver Island Real Estate Board, reports that on a seasonally adjusted basis, the board had its busiest December on record, with 667 housing units changing hands last month.
Sales of single-family homes increased by 35 per cent from December 2016. Annually, 5,612 single-family homes sold on the Multiple Listing Service® (MLS®) System in 2017 compared to 6,059 the previous year, a decrease of seven per cent. However, this reduction reflects the market returning to more normal levels from the unprecedented sales activity generated in 2016.
Inventory of single-family homes dropped to 762 in December, the lowest recorded since VIREB began tracking inventory in 1999. The supply of apartments and townhouses dipped by 13 per cent and 33 per cent, respectively. Diminishing housing supply and high consumer demand are driving rising benchmark prices of single-family homes, apartments, and townhouses in all markets.
In December 2017, the benchmark price of a single-family home in the VIREB area reached $466,400, up 17 per cent from one year ago. (Benchmark pricing tracks the value of a typical home in the reported area.) The benchmark price of an apartment last month rose to $284,400, up 28 per cent board-wide from the previous year, while the benchmark price of a townhouse hit $370,700, a 23 per cent increase from December 2016.
The December 2017 benchmark price of a single-family home in the Campbell River area was $375,100, an increase of 20 per cent over December 2016. In the Comox Valley, the benchmark price hit $467,400, up 19 per cent from last year. Duncan reported a benchmark price of $418,000, an increase of 16 per cent compared to December 2016. Nanaimo’s benchmark price rose 17 per cent to $500,500 while the Parksville-Qualicum area saw its benchmark price increase by 16 per cent to $524,900. The cost of a benchmark home in Port Alberni was $249,800, up 16 per cent from one year ago.
Hi, I’m Jeff Wood and I love living in Nanaimo! And I love helping people make their move!
My wife and I moved to Nanaimo from Richmond in 2015, after raising our two kids there. We brought along our two precocious Border Collies; Jake and Cochise, who are sure they moved to Doggy Disneyland in the process. We live in Upper Lantzville and love it!
Before becoming a Realtor, I was a professional investor owning 8 multi-family properties with 24 tenants. I also spent 20 years as an Executive Headhunter, finding talented people for Fortune 500 clients in the USA and Canada. In that role, I functioned regularly as a professional negotiator, working with both sides to create a win win scenario. I also helped candidates relocate to start their new jobs and thus I have a lot of relocation experience.
Now as a realtor I apply all of these hard earned skills to the benefit of my clients, whether they’re buying, or selling, delivering results that move them!