VIREB Market Update April 2014

March Market Characterized by Marginal Growth

Nanaimo, BC – Sales activity across the Vancouver Island housing market area continued its marginal trend upward for the month of March.

A total of 357 single-family homes sold on the MLS® system in the VIREB coverage area in March 2014. This represents a 27% increase over the 281 sales recorded both last month, and last year at this time.

According to BCREA chief economist, Cameron Muir, although unit-sales seem strong, it is important to compare these figures to the ten-year average to gain a more accurate picture of market trends.

“When comparing unit-sales over a longer period of time, we are actually down 12.6 per cent from the ten-year average, but it is encouraging to see the market moving in the right direction.”

The benchmark price for a single-family home in the Campbell River area was $261,800, up 5.35 per cent over this time last year; in the Comox Valley the benchmark price was $320,700 marking an increase of 1.05 per cent over last year; Duncan reports a benchmark price of $284,30 up 1.17 percent from last year; Nanaimo’s benchmark price was $330,500 rising 2.07 percent; Parksville/Qualicum’s has a benchmark price of $344,800, dipping 0.29 percent; and Port Alberni is listed at $189,600 increasing 5.10 per cent from last year.

“Even with the positive increase in prices, the Vancouver Island market is very affordably priced for buyers in comparison to some of the larger markets across the country, ” said VIREB President, Blair Herbert. “In terms of overall value for your dollar, our market is quite attractive.