The report notes that MLS® residential sales in the province are forecast to climb 10.4 per cent. The August 2016 benchmark price of a single-family home in the VIREB area was $384,000, up 13.23 per cent from one year ago. Prices increased in every zone, ranging from 9 per cent in Port Alberni to 16 per cent in Nanaimo and 17 per cent in the Parksville-Qualicum area. You can see by the attached Nanaimo graph that we had a slight increase in August.
My last meeting in Vancouver, discussing the market and the foreign buyer tax, has resulted in a temporary (but substantial) short-term cut in Metro Vancouver sales. Unfortunately, the new tax puts further sales pressure on a market that was already slowing from the strong spring sales. I think it is still too soon to determine how the real estate market has responded to the additional tax, as Real Estate takes months to form a trend, we need to wait to get a better sense. Market insiders say that things should calm and may benefit other parts of BC markets in the short term,
Robust housing sales continue to be driven by a solid economic foundation consisting of consumer confidence, strong retail sales, and employment growth of three per cent. With GDP sitting at 3.5 per cent, British Columbia’s economy is leading the country.
Nanaimo sales as of Aug 31st are 1,666 single family, up from last year at 1,417. Single family listings down slightly to 2099 from 2150 last year. The market is still separated into multiple price segments with above $700,000 having 5+ months of inventory, and below having less than 1 months worth of inventory.
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