Vancouver Island Real Estate January 2014

Island Market Showing Signs of Vitality in New Year

NANAIMO, BC – Sales activity across the Vancouver Island housing market area is in full swing this January, with reports of healthy inventory levels and unit sales across the Board.

A total of 212 single-family homes sold in the VIREB coverage area on the MLS® system in January 2014. This represents a 15% increase over the 184 sales recorded in January 2013, and almost no change from last month, which reported 210 unit sales.

VIREB president, Blair Herbert, is encouraged by the healthy sales activity occurring across the market coverage area.

“The market began to show signs of vitality in the latter half of 2013, and this momentum has continued to build as we move forward into January. The numbers definitely bode well for our spring market,” he stated.

In January 2014, the benchmark price for a single-family home in the VIREB coverage area was $307,700, with an MLS® HPI index value of 144.6. (This represents a 44.6 per cent increase since January 2005, when the index was 100). The benchmark price is down 0.1 per cent from last month and increased 0.8 per cent from last year. The average price of a single-family home in the VIREB area was $318,628, which is the same as it was this time last year.

According to BCREA economist, Brendon Ogmundson, VIREB is right on-target to meet its forecasted growth for the year.

“Currently, VIREB is on-track to meet its 1.5% projected sales growth for 2014. Pricing continues to remain relatively flat; however, we do anticipate a slight increase later this spring.”

The benchmark price for a single-family home in the Campbell River area was $259,700, up 5.7 per cent over last year; in the Comox Valley the benchmark price was $319,000, an increase of 2.4 per cent over last year; Duncan reports a benchmark price of $272,700, dipping 5.8 per cent from last year; Nanaimo’s benchmark price was $324,200, up 0.8 per cent from last year; Parksville/Qualicum has a benchmark price of $346,000, up 3.4 per cent last year; and Port Alberni is listed at $186,000 for a benchmark home, increasing 5.3 per cent from last year.