Housing trends on Vancouver Island and beyond
As 2019 comes to a close, the year has seen a general stabilizing trend, both in the Comox Valley and throughout the province. On the whole, it has been another positive year, with steady sales and fewer multiple offer situations than in the previous couple years.
Let’s have a look at where things are at and where they may be going as we enter 2020.
The past year in the BC market
As noted in the Vancouver Island Real Estate Board (VIREB) December release, the British Columbia Real Estate Association reported that even though the start to 2019 was slow, MLS® home sales in the province embarked on a sustained upward climb as we headed into spring, with a return to trend after adjusting to changes in the market following the previous year’s federal mortgage rules and provincial tax policies amendments. In November 2019, the benchmark price of a single-family home across the board was $517,100, which is a 3 per cent increase from a year ago and down slightly from October.
The Island this past year
Regionally, the benchmark price for a single-family home in Campbell River region last month was $440,200; that’s an increase of five per cent over the month’s numbers in 2018. The Comox Valley was also up 5 per cent from November 2018, as the benchmark price reached $530,200. Duncan reported a benchmark of $479,500, up two per cent from 2018. Nanaimo rose by less than one per cent to $558,400 in November, while the Parksville-Qualicum region saw prices increase by around two per cent to a benchmark of $576,500. Port Alberni had the largest increase from this time last year, up 6 per cent to a benchmark of $329,000 in November. Overall, home sales and listing activities are at typical levels for the region.
Trend-wise, VIREB’s housing market is for the most part balanced and even inching toward a buyers’ market in a few of the zones. Island realtors report interest among buyers, but they’re price-savvy, in no rush and willing to walk away from deals. Some sellers and buyers are also choosing to wait until spring to see what the conditions bring.
“Accurate pricing continues to be the key to a quick sale,” says VIREB president Kaye Broens. “Overpriced properties tend to linger.”
Whether you’re thinking of buying or selling, in or out of the Comox Valley, Broens notes that working with an experienced local realtor is always the smartest move. “(They) have access to tools and market analytics that will help determine an optimal selling price for your home and find a property that fits your budget.”
My lovely assistant Jean and I hope that this coming year brings you all the joy and happiness you deserve – all the best for 2020!