Vancouver Island remains a seller’s market
And the Comox Valley real estate market reflects Island trends
Does it seem like there are more and more SOLD signs in the paper, on lawns and on website listings? Well, that’s because there are!
According to the Vancouver Island Real Estate Board (VIREB), sales of single-family homes in September, 2016 were 23 per cent higher than the same month the previous year – 23 per cent!
Not only that, Island inventory dropped to a new historic low (VIREB started tracking inventory in 1999), dipping to 1,265 units, a 9 per cent decrease from August and down 40 per cent from one year ago!
Low inventory means a seller’s market. So if you’re thinking about making a change, this is a great time to do it because seller’s markets don’t last forever.
Why are Island house sales so vigorous?
One of the main reasons that sales in the Comox Valley and around the Island are so robust is because consumer confidence is high. Generally speaking, the province’s employment growth and financial state is stable and positive. This typically provides a sound foundation for housing sales.
Is the Lower Mainland market a big factor?
With the introduction of the Foreign Buyer Tax, Vancouver hasn’t seen much of a drop in housing prices, but activity has been somewhat tempered. It’s too early to tell if this trend will continue or not. That being said, according to the VIREB Buyer Profile for 2015, only 2 per cent of buyers on the Island were international, with more than 75 percent already from the Island or in other parts of BC.
So what does this mean for the local market?
Growth has been – and will continue to be – steady. We can expect to see the same 3 to 5 per cent growth in the region for the foreseeable future. Our desirable location and surroundings, revitalized downtown cores in Courtenay, Comox and Cumberland, as well as improvements at the ski mountain all bode well for the market’s future.
Limited inventory seems to be the biggest challenge for buyers (and realtors®!), but is a boon for those in the market to sell.
Whether you are buying, selling or both, in a competitive housing market, it is vital to align yourself with an experienced realtor®. Work with someone who not only knows the area and trends, but also has the skills and knowledge, such as custom analytics, to help you get you want when selling and buying a home.
As always, you can contact me any time to discuss the local real estate market. Call me at 250-792-0464 or email melissa@melissaberrigan.ca. Don’t forget to check out my website or Facebook page!