Vancouver Island Housing Market Continues Upswing in May 2014

June 18, 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.