Around Town: Vancouver Island Real Estate Board 2014 Buyer Profile

July 30, 2015

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.

The Vancouver Island Real Estate Board (VIREB) released its annual buyer's profile this week.

The Vancouver Island Real Estate Board (VIREB) released its annual buyer’s profile this week.

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.

Click here for the complete report. Contact VIREB for more information:

Phone: 250-390-4212

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