Around Town: VIREB releases February 2018 statistics

March 15, 2018

There were 812 single-family homes for sale in February compared to 749 in January and 947 one year ago in the Vancouver Island Real Estate Board (VIREB) region (north of the Malahat). The supply of apartments and townhouses also rose slightly from 2017, up three per cent and five per cent, respectively. These modest inventory increases are welcome, but since new listings are snapped up so quickly, this additional supply will not move the VIREB market out of sellers’ territory.

The Vancouver Island Real Estate Board has released its monthly statistics report for February, showing a continued increase in the benchmark price for a single family home.

The British Columbia Real Estate Association (BCREA) notes that the housing market in B.C. is still thriving due to the province’s strong economy. However, BCREA forecasts some economic headwinds for 2018. It appears that Guideline B-20 – also known as the mortgage stress test – lay behind December’s uptick in sales as buyers scrambled to purchase before its January 1 implementation.

Last month, the benchmark price of a single-family home in the Campbell River area hit $392,700, an increase of 23 percent over February 2017. In the Comox Valley, the benchmark price was $476,700, up 18 percent from last year. Duncan reported a benchmark price of $419,000, an increase of 15 percent compared to February 2017. Nanaimo’s benchmark price rose 18 percent to $524,400 while the Parksville-Qualicum area saw its benchmark price increase by 19 percent to $540,400. The cost of a benchmark home in Port Alberni reached $270,500, up 25 percent from one year ago.

Excerpt from VIREB press release, March 2018

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