Around Town: Vancouver Island Real Estate Board Reports November Activity
Last month, 351 single-family homes sold on the Multiple Listing Service® (MLS®) compared to 299 in November 2014, an increase of 17 per cent. Inventory levels are continuing their downward trend, with active listings showing a reduction of 17 per cent from one year ago. BCREA Chief Economist Cameron Muir states that an improving Canadian economy and rising employment levels in BC are bolstering consumer confidence and spending. Muir noted that these market conditions will carry over into 2016, and anticipates some tempering to occur, with sales in the VIREB area edging back between 3.5 and 4 per cent.
The November 2015 benchmark price of a single-family home in the Campbell River area was $270,500, an increase of 2.79 per cent from last year. In the Comox Valley, the benchmark price was $339,200, up just under eight per cent from 2014. Duncan reported a benchmark price of $304,100, an increase of 6.29 per cent over the same month in 2014. Nanaimo’s benchmark price rose 4.27 per cent to $355,600 while the Parksville-Qualicum area saw its benchmark price rise by 5.65 per cent to $377,000. The price for a benchmark home in Port Alberni was $189,600, an increase of 6.13 per cent since November 2014.
The average MLS® price of a single-family home in Novemberwas $360,101, a six per cent increase from November 2014 and a slight decrease from last month. For more information, contact: www.vireb.com
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