Stability with growth for Home Prices on Vancouver Island
2019 Real Estate Stats for Vancouver Island,
When it comes to the Vancouver Island real estate market,we have experienced a very positive market with increasing demand for over 45 years. Till Mid March 2020 the 2020 market was showing over 40 percent increases over the previous years in many areas . We are now starting to see an small increase in inventory and the result is correctly valued homes are still selling while over priced properties are not moving as fast. There is stability in the market in pricing and this has been brought about rather suddenly by the C-19 economic world shutdown Within a bit over a month, the phones started ringing and the declared essential Real Estate and Construction businesses are going. The Stress test is throughout Canada has been having a major effect on markets which is change between Federal and Provicial regulatory changes throughout 2020 and 2021 in order to get the ecomomy goig where those rukes were designed to slow the economy.These changes will attract many buyers to home ownership.
The good news - is people are realizing quickly you cannot give up on lifes dreams and aspirations over the effects of C-19. It is time to get going and this will as it has before happen with a built up demand pushing the real estate market forward. There is an old saying "History repeats itself" and it is happening again as it did with the the wars and recessions . Those that got up and going in all those instance came out the winners and most did this thru real estate investments (not what you hear from the investment community but just read the history books). ALTHOUGH SALES VOLUMES ARE OFF SLIGHTLY for the short term the enquires are happening and PRICES ARE REMAINING STABLE, Inventories are increasing and developments and home builders are out there working.
The market is becoming more balanced, compared to the pre C-19 drop which was when we saw a stronger seller's market This is a build up period for the economy as the world has seen in the past people will keep moving forward, retirees will retire, people still need and want housing. One of the issues we are noticing, and is hampering sales, is over-pricing. This balanced market has tempered some of the price spikes we saw years ago, where homes sold for high prices. . Those same rules of supply and emand work as well today as they always have. Those that understand prices must reflect today's market will move forward leaving behind those who do not adapt. To get a clear value of your Real Estate values, budgeting and or Mortgage needs acll Denise or her associates at 250-248-9996.
Single-Family Home 2018 / 2019 Price Comparison
This is how home prices on Vancouver Island compared from March 2019 to March 2018.