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Population Growth = Expanding Island Economy

Real Estate Market Update


Vancouver Island

369 single family homes sold. Avg. price $355,773 (up 4% 12 months to date, this year over last). 37 waterfront homes sold, 66 lots sold & 136 condos sold. Single family unit sales volume is up 13%. Average days on market has decreased by 9% to 63 days. The average condo sells for $239,986. Condo unit sales are up 23%, 12 months to date. Condos have seen a 12% decrease in days on market. Average days to sell is 89 days. Lot sales volume is up 3%, 12 months to date. Lot prices have increased by 8%, 12 months to date. Average lot sale price is $148,987. Most active region: Nanaimo; Highest average price: Parksville/Qualicum. FULL REPORT HERE.

Nanaimo

117 single family homes sold. Avg. price $389,036 (up 6% 12 months to date, this year over last). 6 waterfront homes sold, 12 lots sold & 44 condos sold. Single family unit sales volume is up 17% 12 months to date. Average days on market has decreased by 17% to 41 days. The average condo sells for $254,907. Condo unit sales are up an average of 19% 12 months to date, with townhouse-style condos seeing the largest increase in units sold. Condos have seen a 19% decrease in days on market. Average days to sell is 68 days. Lot sales volume is up 0%, 12 months to date. Lot prices have decreased by 7%, 12 months to date. Average lot sale price is $158,103. Most active region: North Nanaimo; Highest average price: Hammond Bay. FULL REORT HERE.

Parksville/Qualicum

58 single family homes sold. Avg. price $404,873 (3% 12 months to date, this year over last). 8 waterfront homes sold, 41 lots sold & 22 condos sold. Single family unit sales volume is up 20%, 12 months to date. Average days on market has decreased by 9% to 53 days. The average condo sells for $275,543. Condo unit sales are up 39%, 12 months to date. Apartments have seen the greatest increase in units reported sold. Condos have seen a 19% decrease in days on market. Average days to sell is 68 days. Lot sales volume is down 31%. Lot prices have increased by 25%, 12 months to date. Average lot sale price is $190,005. Most active region: Parksville; Highest average price: Fairwinds.FULL REPORT HERE.

Cowichan Valley

54 single family homes sold. Avg. price $354,457 (up 5%, 12 months to date, this year over last.) 6 waterfront homes sold, 3 lots sold & 21 condos sold. Single family unit sales volume is up 7%. Average days on market has decreased by 9% to 69 days. The average condo sells for $217,714. Condo unit sales are up 30%, 12 months to date. Apartment-style condos have seen the largest increase in units sold. Condos have seen a 14% decrease in days on market. Average days to sell is 95 days. Lot sales volume has decreased by 13%, 12 months to date. Lot prices have decreased by 4%, 12 months to date. Average lot sale price is $126,729. Most active region: East Duncan; Highest average price: Mill Bay.FULL REPORT HERE.

Port Alberni/West Coast

 
31 single family homes sold. Avg. price $226,474 (up 10% 12 months to date, this year over last). 2 waterfront homes sold, 7 lots sold & 5 condos sold. Single family unit sales volume is up 33%, 12 months to date. Average days on market has increased by 0% to 98 days. The average condo sells for $209,184. Condo unit sales are up 48%, 12 months to date, with patio-style condos seeing the largest increase in units sold. Condos have seen a 7% decrease in days on market. Average days to sell is 181 days. Lot sales volume is up 14%. Lot prices have increased by 35%, 12 months to date. Average lot sale price is $103,429. Most active region: Port Alberni. Highest average price: Tofino. FULL REPORT HERE.


Island Economy Shows Positive Growth: VIEA State of the Island Report

Image Credit: CHRIS BUSH/The News Bulletin

Premier Christy Clark shared an optimistic vision for Vancouver Island’s economy at the recent Vancouver Island Economic Alliance State of the Island Summit. With a growing population of residents relocating from other parts of B.C. & Canada, $3 billion will be invested province-wide to develop a workforce trained to support B.C.’s developing industries including forestry, agriculture, technology, tourism, film & LNG. On the central island, $1 million is slated for Vancouver Island University’s information technology upgrades, and $100,000 will be invested in business plans for a potential auto and marine repair facility, as well as a new health and science centre, also at VIU. The State of the Island Report shows a growing, expanding economy, propelled by population growth particularly in the areas of forestry, international education, tourism, and small business.

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