Around Town: VIREB Report for September of 2017
Strong economic fundamentals are underpinning housing activity in British Columbia, particularly in the southern half of the province. The B.C. economy has expanded at above-trend growth for over three years, with 2017 expected to be the fourth consecutive year of economic growth hitting three per cent or higher.
Employment growth is around seven per cent, and consumer confidence is high, with retail sales in the province expected to climb close to eight per cent this year.
The September 2017 benchmark price of a single-family home in the Campbell River area was $370,700, an increase of 22 per cent over September 2016. In the Comox Valley, the benchmark price hit $461,700, up 22 per cent from last year. Duncan reported a benchmark price of $410,500, an increase of 16 per cent compared to September 2016. Nanaimo’s benchmark price rose 18 per cent to $498,300 while the Parksville-Qualicum area saw its benchmark price increase by 16 per cent to $518,000. The price of a benchmark home in Port Alberni was $254,700, up 18 per cent from one year ago.
Excerpt from VIREB October 2 press release.
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