Vancouver Island Housing Market Continues Upswing in May 2014
Sales activity across the Vancouver Island housing market area continued its upward swing this May, paving the way for a strong summer market.
According to British Columbia Real Estate Association’s chief economist, Cameron Muir, low interest rates continue to be a powerful incentive to get into the marketplace. While market activity has remained robust, he does not anticipate any movement in the housing market until later this year.
“We are in a bit of a holding pattern as we wait for the economy to catch up, particularly on the job front,” he noted.
The benchmark price for a single-family home in the Campbell River area was $261,800, down 2.35% over this time last year; in the Comox Valley the benchmark price was $321,500 marking a slight increase of 0.59% over last year; Duncan reports a benchmark price of $282,600 which is a decrease of 0.21% from last year; Nanaimo’s benchmark price was $338,600 rising 0.87% over last year; Parksville/Qualicum has a benchmark price of $349,500, which is virtually unchanged from last year; and the price for a benchmark home in Port Alberni is listed at $193,600 increasing 2.2% from last year.