The latest statistcs for Vancouver Island Real Estate from Canadian Real Estate advisor Ozzie Jurocks.
The Numbers – Vancouver Island
There has been both an increase in unit sales across the board region and average prices. The average sale price across the VIREB region jumped to $362,538 at the end of May 2010. That’s up 4% from the $348,524 in April and up 12% from the $323,521 of last year. Jim Stewart, VIREB President-Elect says, “We should be aware that the market was significantly lower in 2009. Compared to 2008, numbers are close to or slightly lower than this year.” Indeed! Both single family unit sales volumes and listings across the VIREB were up as well. There were 456 residential unit sales in May 2010, up 2% from the 445 posted in May 2009 and 942 homes were listed last month, up 16% from the 808 listed in May 2009. Meanwhile, active listings of residential property for sale are currently at 3,004 across the board, up 4% from last year.
Stewart also says affordability will have an impact on the market. “There is less upward pressure on home prices as interest rates increase and inventory levels continue to rise.” For the period comparing data from the end of May 2009 to the end of May 2010, average single family home sale prices in VIREB’s six zones saw: Campbell River up 18% (to $330,759), theComox Valley up 5% (to $344,426), the Cowichan Valley is also up 5% (to $362,665), Nanaimo saw a 14% increase (to $388,497), Parksville/Qualicum was up 18% (to $408,549), and Port Alberni nudged up 3% (to $234,658).
| Vancouver Island | May 2010 | May 2009 | % | YTD 2010 | YTD 2009 | % |
| Units Sold | 665 | 603 | +09% | 7,244 | 4,840 | +34% |
| Average Price S.F. | 362,500 | 323,500 | +12% | 340,000 | 337,500 | +01% |
| Active Listings | 5,534 | 5,500 | 00% |
Major Point: The Island (North) had a fine month. Volume is up over last May, prices are higher over last May and listings are about even with month end May 2009. Condo listings are up 20%, but building lot listings are down by the same percentage – showing builder confidence. Of interest may be to look at the ‘running 12 month May 2008 – May 2009′ and compare that total again the running total of ‘May 2009 to May 2010′ (combined). Taking a look at that tough period we can see volume up a strong 34% but prices … just about even. Things on the island did not have the big bounce like they did in Vancouver – won’t have a big reversal either … just getting back to normal. – by Ozzie Jurock, President, Jurock Publishing Ltd.
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