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Your Vancouver Island Real Estate Resource:

Vancouver Buyers Help Fuel a Hot Spring Market


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Real Estate Market Update


Vancouver Island

662 single family homes sold. Avg. price $370,622 (up 7% 12 months to date, this year over last). 42 waterfront homes sold, 69 lots sold & 228 condos sold. Single family unit sales volume is up 20%. Average days on market has decreased by 15% to 59 days. The average condo sells for $245,440. Condo unit sales are up 36% 12 months to date. Condos have seen a 7% decrease in days on market. Average days to sell is 89 days. Lot sales volume is up by 17%. Lot prices have increased by 7% 12 months to date. Average lot sale price is $150,656. Most active region: Nanaimo; Highest average price: Parksville/Qualicum ($479,214). FULL REPORT HERE.

Victoria

 
705 single family homes sold. Avg. price $679,434 (up 16% 12 months to date, this year over last). 24 waterfront homes sold, 49 lots sold & 409 condos sold. Single family unit sales volume is up 53%. Average days on market has decreased by 24% to 36 days. The average condo sells for $393,813. Condo unit sales are up 50% 12 months to date. Condos have seen a 26% decrease in days on market. Average days to sell is 51 days. Lot sales volume is up by 163%. Lot prices have increased by 19% 12 months to date. Average lot sale price is $331,915. Most active region: Saanich East; Highest average price: Oak Bay ($1,283,916). FULL REPORT HERE.


Nanaimo

188 single family homes sold. Avg. price $403,864 (up 7% 12 months to date, this year over last). 6 waterfront homes sold, 19 lots sold & 88 condos sold. Single family unit sales volume is up 19%. Average days on market has decreased by 16% to 40 days. The average condo sells for $253,834. Condo unit sales are up 26% 12 months to date. Condos have seen a 16% decrease in days on market. Average days to sell is 63 days. Lot sales volume is down by 2%. Lot prices have decreased by 2% 12 months to date. Average lot sale price is $160,288. Most active region: North Nanaimo; Highest average price: North Jinglepot ($640,000). FULL REPORT HERE.

Parksville/Qualicum

99 single family homes sold. Avg. price $428,640 (up 8% 12 months to date, this year over last). 11 waterfront homes sold, 14 lots sold & 38 condos sold. Single family unit sales volume is up 29%. Average days on market has decreased by 22% to 46 days.The average condo sells for $284,311. Condo unit sales are up 31% 12 months to date. Condos have seen a 27% decrease in days on market. Average days to sell is 57 days. Lot sales volume is up by 120%. Lot prices have increased by 23% 12 months to date. Average lot sale price is $193,243. Most active region: Parksville; Highest average price: Fairwinds ($644,667). FULL REPORT HERE.

Cowichan Valley

118 single family homes sold. Avg. price $373,008 (up 9%, 12 months to date, this year over last). 9 waterfront homes sold, 6 lots sold & 25 condos sold. Single family unit sales volume is up 17%. Average days on market has decreased by 20% to 61 days.The average condo sells for $218,865. Condo unit sales are up 26% 12 months to date. Condos have seen a 29% decrease in days on market. Average days to sell is 83 days. Lot sales volume is down by 11%. Lot prices have increased by 1%, 12 months to date. Average lot sale price is $131,696. Most active region: Ladysmith; Highest average price: Mill Bay ($598,500). FULL REPORT HERE.

West Coast

49 single family homes sold. Avg. price $236,568 (up 10%, 12 months to date, this year over last). 6 waterfront homes sold, 7 lots sold & 10 condos sold. Single family unit sales volume is up 38%. Average days on market has increased by 2% to 99 days.The average condo sells for $208,630. Condo unit sales are up 87% 12 months to date. Condos have seen no change in days on market. Average days to sell is 173 days. Lot sales volume is up by 48%. Lot prices have decreased by 2%, 12 months to date. Average lot sale price is $96,020. Most active region: Port Alberni; Highest average price: Tofino ($535,000). FULL REPORT HERE.

Vancouver's Escalating Prices Help Fuel the Flourishing Island Market


Real estate, the primary driver of income building over the years for the 50+ crowd, is now the greatest source of debt for new buyers in Vancouver. Where the average Canadian home price has doubled since the 1980’s, in Metro Vancouver it has quadrupled, reaching $813,000, and an average monthly mortgage payment of $3,555. With home ownership spiralling out of reach and a highly competitive rental market surfacing as a result, more and more young buyers are looking to Vancouver Island for alternatives. In Metro Vancouver, baby boomers currently hold $163 Billion in mortgage-free property. With attractive downsizing options limited in their maxed-out neighbourhoods, they are also looking to the island to retire and reap the benefits of their investments. These groups, combined with established home owners crippled by mortgage payments and long commutes, Albertans looking to leave a flailing market, foreign investors looking for new opportunities, and Canadian property investors looking for growing markets, have combined to create rapid growth in the Vancouver Island real estate market- growth that shows no sign of stopping anytime soon.


Seller Tips: How to Strategically Navigate a Seller's Market

Our team doesn't just rely on a hot market to sell homes. We are extremely strategic about our approach to get sellers the maximum sale price the market can bear. 

Cooper | McLintock & Associates Home Selling Tip #1
Watch the Video
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Cooper | McLintock & Associates - RE/MAX of Nanaimo
#1 - 5140 Metral Drive
Nanaimo, Vancouver Island - BC V9T 2K8‎
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