Around Town: VIREB September market update
According to the Vancouver Island Real Estate Board’s (VIREB) September Statistics, sales of single-family homes in the region (Duncan to Port Hardy) decreased by 32 per cent from September 2017 with Nanaimo down 36%, followed in order by Parksville, Campbell River, the Cowichan Valley, Port Alberni, and the Comox Valley at 21%.
September 2018 Multiple Listing Service® Sales Summary
- Comox Valley: $507,987, -10% from Aug., -1% last Sept. YTD units sold -21%.
- Campbell River: $484,033, +4%from Aug., +8% last Sept. YTD units sold -32%.
- Port Alberni: $375,482, -5% from Aug., +18% last Sept. YTD units sold -27%.
- Parksville/Qualicum: $575,763, +3% from Aug., -4% last Sept. YTD units sold -34%.
On the positive side, the provincial economy is still doing well, and the report anticipates that housing sales will make a modest recovery during the next couple of quarters, albeit not to the levels seen in 2016 and 2017. Further, Vancouver Island is somewhat immune to the effects of the mortgage stress test because the broad demographic trend continues to include baby boomers and retirees who typically do not need mortgages. For more information on these statistics: visit www.VIREB.com.
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