Around Town: Vancouver Island Real Estate Board 2014 Buyer Profile
The Vancouver Island Real Estate Board (VIREB) released the results of its Buyers Profile survey for the year 2014. Survey results* indicate that 36% of buyers in the VIREB area were from within the same area, while 14.4% were from Alberta, and 14% were from elsewhere on Vancouver Island. When combined, buyers originating within BC totalled 73.8% of the respondents, while 54.8% were from Vancouver Island.
Of the respondents, 94% reported that the major reason for residential property purchase in the VIREB area was for principal residence. Likewise, first-time buyers accounted for 15% of purchases. The lowest frequency of first-time buyers was in the Parksville/Qualicum sub-area (6%), while the highest frequency occurred in the Campbell River sub-area (24%).
For the purposes of this survey, home selling prices were categorized into $50,000 increments up to $1 million. Above $1 million, prices were combined, and totalled 54 sales in 2014. The majority of sales in the Board area were in three categories: $300,001- $350,000 (15%), $250,001-$300,000 (14.4%), and $200,001-$250,000 (13.9%) totaling 43.3% of all sales. The top selling price categories were, in increasing order: 150,001-$200,000 for the North Island sub-area; $200,001-$250,000 for the Port Alberni/West Coast, Campbell River and Island sub-areas; $250,001-$300,000 for the Campbell River, the Comox Valley, the Cowichan Valley and the Parksville / Qualicum sub-areas; and 300,001-$350,000 for the Nanaimo sub-area.
*There were 1,465 survey responses.
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