Vancouver Island real estate for 2019
It seems like I say this annually, but the past year has been another busy one on the Island and in the Comox Valley. Local realtors were kept very active, buyers were on their toes and a little stressed at times with multiple offers and sellers, for the most part, were happy.
With 2018 coming to a close, let’s take a closer examination of how things are looking heading into the new year.
Moving to a more balanced market
According to the Vancouver Island Real Estate Board (VIREB), this past year behaved as expected with some moderation coming into play, as opposed to the record-setting paces of 2016 and 2017. Generally, there is a slight decrease in demand; that, plus modest inventory increases, are helping the Island’s housing market transition from one favouring sellers to a near-balanced market.
It seems that increasing interest rates and governmental cooling measures, such as the mortgage stress test, have started making an impact.
Prices steady and slightly up around the Island this past year
Even with the lower demand, compared to this time last year the benchmark prices of single-family homes continued to rise, up about 12 per cent Island-wide and 9 per cent in the Comox Valley. However, slight price reductions from October to November were posted in the Comox Valley.
Multiple offers are slowing down
Island Realtors® are starting to report a slow in the occurrence of multiple offers, which is good news for those looking to buy. According to VIREB, sellers may need to curb their expectations.
“Realistically pricing your home is important in any market, but when fewer buyers are competing for a property, sellers need to be far more strategic,” says Don McClintock, 2018 VIREB President. “Overpriced homes take longer to sell, so it’s a good idea to consult a local REALTOR® who can help determine the optimal price for your property.”
Whether you’re thinking of buying or selling, in or out of the Comox Valley, working with an experienced Realtor® will ensure you’re making the most of your real estate opportunities.
I hope you and your loved ones have a happy and relaxing holiday season and all the best for 2019!