Around Town: Vancouver Island Real Estate Board Releases 2015 Buyer Profile
The Vancouver Island Real Estate Board (VIREB) has released its 2015 Buyer Profile, tracking the who, what, and where of residential property purchases north of Victoria on Vancouver Island. The 2015 Buyer Profile provides statistical information summarizing “home characteristics” for VIREB’s overall board area. BCREA Chief Economist Cameron Muir notes that the profile reveals interesting demographic trends.
“At 94 per cent, owner-occupiers remain the primary buyers in the VIREB area. Investment purchases rose slightly from 2014, but still represent only 2.1 per cent of the market, and recreation homes comprising just 1.7 per cent of home sales,” says Muir. “Housing is also relatively affordable on Vancouver Island, with 31 per cent of homes selling for under $250,000, 61 percent below $350,000 and nearly 86 per cent under $500,000. Less than one per cent of homes sold for more than $1,000,000 in 2015.”
At 59 per cent, single-family homes represented the majority of purchases in 2015. Unsurprisingly, Vancouver Island continues to be a popular retirement destination, with 62 per cent of homes bought by retirees. Albertans accounted for approximately 10 per cent of overall home purchases, down from 14 per cent in 2014. About 54 per cent of home buyers were from Vancouver Island (including Victoria) while nearly 21 per cent hailed from elsewhere in British Columbia.
VIREB’s 2015 Buyer Profile also highlights regional differences. The report is available online at www.vireb.com.
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