NANAIMO, BC – The Vancouver Island real estate market set a brisk pace in March, with buyer demand outpacing supply in most areas. And after 25 years in the business this is the strongest I have seen our local market but more importantly it's backed by a stronger foundation that can support the growth. The demographic trends of the baby boomers and the shift away from larger centres in search of a balanced lifestyle is what will continue to fuel our market.
In March 2016, 520 single-family homes sold compared to 420 last March, an increase of 24 per cent. Month over month, sales were up by 29 per cent from the 406 sales processed in February 2016. Last month’s active listings totalled 1,599, down 26 per cent from the 2,167 reported in March 2015.
BCREA Economist Brendon Ogmundson states that The BC economy is the strongest in Canada, with GDP growth expected to be around three per cent this year. Extremely strong construction activity, surging retail sales, and the highest job growth in three years are key economic drivers fuelling the bustling real estate market.
Despite an active market our pricing is still very affordable compared to Victoria and Lower Mainland communities with a home price index around $367,000 And we are starting to see activity above the $700,000 + range but this market does have more months of supply then the rest of our market.
Like it or not growth and change is evident in our central Vancouver Island area and our sleepy community is starting to stir and becoming recognized.
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