Steady Gains for Home Prices on Vancouver Island
2019 Real Estate Stats for Vancouver Island,
When it comes to the Vancouver Island real estate market, MLS Had 413 Single Family Homes sold in July vs 463 in August of 2019. We are starting to see an small increase in inventory (approx 11%) and the result is correctly valued homes are still selling while over priced properties are not moving as fast. The Stress test is throughout Canada having a major effect on markets which is hopefully going to see some changes between Federal and Provicial regulatory changes throughout 2019 and 2020 so now is the time to speak up to the politicians while they are listening.
The good news - benchmark prices for homes in all zones showed conservative increases, and the April market showed definite improvement in activity.. In Zone 5, homes in the Parksville, Qualicum Beach area, the benchmark price is $590,000 in September 2019 . ALTHOUGH SALES VOLUMES ARE OFF SLIGHTLY , PRICES ARE REMAINING STABLE
The market is becoming more balanced, compared to a year ago when we saw a stronger seller's market. One of the issues we're noticing, and possibly hampering a quick sale, is over-pricing. This balanced market has tempered some of the price spikes we saw 2 years ago, where homes sold for higher prices because of the demand. Those same prices don't necessarily reflect today's market.
Single-Family Home 2018 / 2019 Price Comparison
This is how home prices on Vancouver Island compared from March 2019 to March 2018.