The market remains strong with continued low levels of inventory on Vancouver Island. According to VIREB, in the month January, 245 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 258 last January, a decrease of five per cent.
Sales were virtually unchanged from December, which saw 243 sales. We attribute this static sales activity to inventory challenges rather than insufficient demand. Active listings of single-family homes did increase by four per cent in January to 893 from December's number of 852. This typically happens at the beginning of the year with 389 properties coming onto the market in the month of February. However, inventory is still down by 38 per cent from one year ago, a significant reduction from the 1,431 available properties in January 2016.
(BCREA) reports that housing demand on the island and throughout British Columbia, is being driven by a provincial economy that continues to outperform the rest of Canada. Although BCREA does expect B.C.’s economy to weaken somewhat this year, strong job and population growth will continue to have a net positive effect on the housing market.
Nanaimo’s benchmark price rose 21 per cent to $434,100 while the Parksville-Qualicum area saw its benchmark price rise by 18 per cent to $457,800.
Through my Vancouver network, we have also noticed an increase in activity for the Nanaimo market. As well, we are happy to have listed and just sold the highest priced home ever in Nanaimo on the MLS system to one of our Vancouver clients. We are proud to say we have 4 of the top 5 sales in the Nanaimo region.
If you would like more details and the projections on our local market, stop by our office or give me a call. Thanks, Derek.
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