Around Town: VIREB posts strongest December on record
The British Columbia Real Estate Association (BCREA) notes that the housing market in B.C. is thriving due to strong economic fundamentals, such as robust retail sales, job growth, and population growth.
BCREA expects economic growth to slow in 2018, expanding at a respectable 2.8 per cent, but lower than we have seen in some time. The province’s housing market will face additional economic headwinds in 2018, with rising interest rates eroding affordability and Guideline B-20 making it harder for some buyers to qualify for a mortgage.
In December 2017, the benchmark price of a single-family home in the VIREB area reached $466,400, up 17 per cent from one year ago. (Benchmark pricing tracks the value of a typical home in the reported area.) The benchmark price of an apartment last month rose to $284,400, up 28 per cent board-wide from the previous year, while the benchmark price of a townhouse hit $370,700, a 23 per cent increase from December 2016.
The December 2017 benchmark price of a single-family home in the Campbell River area was $375,100, an increase of 20 per cent over December 2016. In the Comox Valley, the benchmark price hit $467,400, up 19 per cent from last year. The cost of a benchmark home in Port Alberni was $249,800, up 16 per cent from one year ago.
Excerpt from Jan. 2, 2018 VIREB news release.
Visit the VIREB website for updated information at www.vireb.com.
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