Low inventory and levelling of prices mark end of a busy 2017
This past year has been another active one, through the province, on the Island and in the Comox Valley. Buyers and sellers were happy and local realtors were busy keeping up.
And, as the year draws to a close, we look back to see how things went and forward to see where we are headed for 2018.
Another year of record inventory lows
According to the Vancouver Island Real Estate Board (VIREB), a lack of inventory continues to drive the housing market. Even though the supply of single-family homes for sale has been rising steadily every month since VIREB hit a historic low of 859 units in December of 2016, inventory dipped in October and once again in November. So, the VIREB area is still a sellers’ market, making it an optimal time to list.
Provincially speaking . . .
Strong economic fundamentals, such as robust retail sales, as well as job and population growth, mean that BC’s housing market is still doing very well, notes the British Columbia Real Estate Association (BCREA). The province’s economy continues to lead the country, with GDP in 2018 expected to hit 3.8 per cent. That being said, federal government policy decisions, including slightly higher interest rates and the new stress test for mortgages, could affect the housing market in 2018, but it’s too early to say what the effects will be.
What does this mean for the Comox Valley market?
Consumer confidence remains high, as indicated by November statistics that show the Comox Valley’s benchmark price hit $467,200, 21 percent higher than last year. Don McClintock, VIREB President-Elect, reports that there are no apparent signs of buyer fatigue anywhere on the Island. However, multiple offers have decreased slightly in some markets, which could be good news for buyers.
Whether you’re thinking of moving in or out of the Comox Valley, work with an experienced Realtor® with specialized knowledge of the community to ensure the best possible outcome.
And, finally, I hope you and your loved ones have a happy and relaxing holiday season!