Inventory Challenges Continue to Moderate Sales Activity

Friday, February 10, 2017 @ 07:02 PM
Author: Brenda

NANAIMO, BC – In January 2017, 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. VIREB attributes 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 852, which typically happens at the beginning of the year, with 389 properties coming onto the market last month. 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.
The British Columbia Real Estate Association (BCREA) reports that housing demand in the VIREB area 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.
“Although BCREA anticipates that less robust economic conditions combined with government policy constraints will slow housing demand by more than 15 per cent in 2017, unit sales should remain well above the 10-year average of 85,000,” says Cameron Muir, BCREA Chief Economist. “Sales in the VIREB area this year will likely trend lower than in 2016, but this is merely the market returning to more normal levels from last year’s unprecedented sales activity.”
Janice Stromar, 2017 VIREB President, reaffirms that housing sales in the VIREB area would be much higher if there were more homes available. “We’ve been in a sellers’ market for several months now, with buyers snapping up available properties and multiple offers a common occurrence,” says Stromar. “But real estate is cyclical, and these conditions won’t last forever. If you’ve been thinking of selling, I strongly encourage you to take advantage of our current market situation.” Stromar adds that connecting with a local REALTOR® is especially crucial in a competitive housing market. REALTORS® have specialized knowledge of their communities and are equipped with sales tools, such as custom analytics, to help you develop a winning strategy for buying or selling a home.
In January 2017, the benchmark price of a single-family home in the VIREB area was $400,000, up 18 per cent from one year ago. Prices increased in every zone, ranging from 14 per cent in Duncan to 21 per cent in the Comox Valley and Nanaimo. The benchmark price of an apartment rose 21 per cent board-wide from the previous year, but the highest increases were posted in Parksville-Qualicum (25 per cent), the Comox Valley (27 per cent), and Campbell River (28 per cent). The townhouse market also strengthened in January, posting an 18 per cent increase board-wide and high double-digit increases in every zone, from 16 per cent in Nanaimo to 26 per cent in Parksville-Qualicum.
The January 2017 benchmark price of a single-family home in the Campbell River area was $311,900, an increase of 16 per cent over January 2016. In the Comox Valley, the benchmark price was $400,400, up 21 per cent from 2016. Duncan reported a benchmark price of $348,000, an increase of 14 per cent compared to January 2016. 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. The price of a benchmark home in Port Alberni hit $216,100, up 16 per cent from one year ago.

Merry Christmas!

Thursday, December 15, 2016 @ 08:12 PM
Author: Brenda

May your heart and home be filled with the joyful spirit of Christmas.

Wishing everyone a happy and prosperous 2017!

Qualicum Beach Moonlight Madness

Tuesday, November 15, 2016 @ 06:11 PM
Author: Brenda

Join the fun November 17th from 5:30 pm ’til late for Moonlight Madness – Vancouver Island’s largest Pajama Party and the kick-off to the Christmas Shopping Event. Participate in the Town Square & Downtown Light-Up. Visit with Santa and friends and have your photo taken with Santa. There will be live music and a chance for one lucky person to win a $1000 Downtown Shopping Spree.

Parksville Museum Farmer’s Market

Thursday, August 25, 2016 @ 07:08 PM
Author: Brenda

Just one of the area’s many farmer’s and artisan’s markets to check out!

Set up in Craig Heritage Park, surrounded by pioneer buildings from the early days of Parksville, this farmers market features local farmers and artisans.

It will be held from 5:00-8:00pm every Friday night from May 13 to September 23 2016 at

Craig Heritage Park & Museum
1245 E. Island Hwy
Parksville , BC

Date(s):

Friday, August 26, 2016 – 5:00pm
Friday, September 2, 2016 – 5:00pm
Friday, September 9, 2016 – 5:00pm
Friday, September 16, 2016 – 5:00pm
Friday, September 23, 2016 – 5:00pm
Friday, September 30, 2016 – 5:00pm
Phone Number:
250-248-6966

Bowser’s Summer Market – in Lighthouse Country!

Tuesday, August 23, 2016 @ 05:08 PM
Author: Brenda

 

 
Bowser

Bowser’s Magnolia Court Summer Market

The fourth annual Bowser’s Magnolia Court Summer Market is thrilled to be back again to present the Oceanside community with a range of local wares. From food vendors, to fresh produce, locally roasted coffee, artisanal breads, native crafts, and jewelry, there is something for everyone. There will also be live music nightly to accompany you!

So come on out with the whole family in tow, and enjoy this growing local event!

Hot Housing Market Puts Home Sellers in Driver’s Seat

Thursday, June 9, 2016 @ 06:06 PM
Author: Brenda

June 1, 2016

Hot Housing Market Puts Home Sellers in Driver’s Seat

NANAIMO, BC – Home sellers are in the driver’s seat throughout the VIREB area as buyers compete for available listings.

In May 2016, 771 single-family homes sold on the MLS® System compared to 527 last May, an increase of 46 per cent. Month over month, sales were up by 17 per cent from the 660 sales processed in April 2016. Last month’s active listings totalled 1,684, down 32 per cent from the 2,507 reported in May 2015.

Cameron Muir, BCREA Chief Economist, states that retail sales growth in the double digits reflects high levels of consumer confidence, which is spilling over into real estate. Tourism on Vancouver Island also posted a huge spike recently, which aids local economic conditions. However, although housing demand is extraordinarily high, its foundation is solidly based on a healthy GDP and rising population growth.

“British Columbia’s GDP is at three per cent, and employment growth rose around 3.5 per cent in the first four months of 2016,” says Muir. “Real estate is benefiting from that growth, with sales in the entire southern half of the province at record or near-record levels.”

Janice Stromar, VIREB 2016 President-Elect, confirms that the VIREB housing market is recording record sales in many areas. Multiple offers, particularly on single-family homes, are the norm rather than the exception. Low inventory levels are still a major challenge for REALTORS® and buyers for a variety of reasons.

“This is a fantastic time to sell, but some homeowners have been holding back because they love their home or are worried they won’t find another property to buy,” says Stromar. “More houses are now coming onto the market, but buyers snap them up so quickly, we still don’t have enough inventory to satisfy the demand.”

Despite increases in both the benchmark and average prices over the past year, the Vancouver Island housing market is still an affordable alternative to Victoria and Lower Mainland communities.

“Although retirees frequently choose to migrate to Vancouver Island, we are seeing younger professionals trading in their homes on the Lower Mainland for a significantly nicer property here,” says Stromar. “I wouldn’t call it a trend, but it’s becoming more common if people can find jobs on the Island or telecommute to jobs on the Lower Mainland all or part of the time.”

Stromar adds that in a competitive housing market, connecting with a local REALTOR® is crucial to ensure you develop a winning strategy for buying or selling your home.

In May 2016, the benchmark price of a single-family home in the VIREB area was $364,500, up 9.36 per cent from one year ago. Benchmark pricing tracks the value of a typical home in the reported area. The benchmark price of townhouses and apartments also increased in nearly every market. The average MLS® price of a single-family home in May was $411,458, a 13 per cent increase from May 2015.

-Vancouver Island Real Estate Board

Second Sunday Market & Pancake Breakfast

Thursday, November 5, 2015 @ 08:11 PM
Author: Brenda

Happening this Sunday, November 8th in Qualicum Bay

Second Sunday Market & Pancake Breakfast at the Lighthouse Community Hall in Qualicum Bay (240 Lions Way)photo677-211_mid

Once a Month on the Second Sunday of Every Month from 8 am til noon, it’s the long standing Qualicum Bay tradition to come and have breakfast with your neighbours and community.

  •   Market  —  8 am – noon  
  •   Pancake Breakfast  —  8 am – noon
  •   Poultry Swap  —  10 am – noon
  •   Live Music   10 am 

Our market – art, craft, new, vintage, collectible, and food, along with a pancake breakfast and live music. A fun family atmosphere!

It is only $10 (prepaid) for a table and chair inside or a market spot outside (bring your own tent, etc.) ~ We are also looking for musicians that will volunteer their time (can bring advertising, CD sales, and a donation “bucket”)

We are located just off the Old Island Hwy 19A on Lions Way. 10 min North of Qualicum Beach, turn across from the Sand Bar Cafe .

It’s all at the Hall !

 

 

 

 

Who Are You Voting For?

Friday, October 9, 2015 @ 07:10 PM
Author: Brenda

Election Day is Monday, October 19, 2015

To help you make an informed choice as a voter, the Vancouver Island Real Estate Board (VIREB) offers this virtual podium of  candidates and their platforms. No Vote No Voice is a free service offered to all candidates in local jurisdictions, from the Malahat in the south to the northernmost tip of Vancouver Island.

See more at – http://www.novotenovoice.ca/

This Saturday – Fun for the whole family!

Tuesday, September 15, 2015 @ 06:09 PM
Author: Brenda

Fire and Ice Street Festival

Friday, May 1, 2015 @ 07:05 PM
Author: Brenda

fire and ice 2011 honing-in on perfection

Saturday, May 2nd 11am – 3pm in Qualicum Beach

Qualicum Beach’s Fire and Ice event will be back on Saturday, May 2 in 2015 from 11AM to 3PM with more food and entertainment choices than ever.

This year, the theme for 2015 will be “The Fairy Tale Life – Princesses & Villians” – a concept to inspire costumes and the ice carving.

In addition to the traditional chili tasting, visitors will be able to choose from both chili cups as well as other “hot” food options from local restaurants.

Start your day with a Pancake Breakfast at the Qualicum Beach Legion on 180 Veterans Way from 8:30 – 11:30 am.