Vancouver Island Real Estate Market Report 

Healthy housing market continues in September

Sales in the VIREB area edged back slightly in September, but the housing market remains robust, a trend expected to continue for the rest of the year.

Last month, 431 single-family homes sold on the Multiple Listing Service® (MLS®) compared to 405 in September 2014, an increase of six per cent.

Month-over-month, sales decreased by 1.8 per cent from August 2015.  Inventory levels are still declining, with active listings down 15 per cent from one year ago.

BCREA Chief Economist Cameron Muir states that the marginal decrease in September sales activity has not affected the overall strength of the housing market.

“Our provincial economy continues to be healthy, bolstered by a hefty infusion of tourism dollars over the summer,” says Muir.  “Last month’s slight backwards tick in housing activity is no cause for concern.  We expect strong sales momentum for the rest of the year, fueled by job growth, consumer confidence, and low interest rates.”

Nationally, the Canadian economy appears to have emerged from the doldrums caused by the malaise in the oil patch, says Muir, which bodes well for the B.C. housing market.

“Although we expect a slight downturn in the housing market in 2016, activity will remain strong,” says Muir.  “You don’t typically see home sales reach their highest levels in 10 years and then plateau.”

Muir emphasized that the services of a REALTOR® are especially valuable in an active housing market to ensure consumers make smart decisions when buying or selling a home.  Although September is traditionally one of the busiest months for REALTORS®, VIREB President-Elect Margo Hoffman says that last month improved upon the norm.

“Our members aren’t run off their feet, but they’re doing a lot of business,” says Hoffman.  “Inventory throughout our area continues to decline, and the smaller pool of potential homes for sale will eventually place upward pricing pressure on certain property types in some markets.”

In September 2015, the benchmark price for a single-family home in the VIREB coverage area was $340,200, a slight increase over August and up just under six per cent from one year ago.  Benchmark pricing tracks the value of a typical home in the reported area.  The average MLS® price of a single-family home decreased marginally from $352,042 one year ago to $350,626 in September 2015.

The September 2015 benchmark price of a single-family home in the Campbell River area was $276,100, an increase of 1.41 per cent from last year.  In the Comox Valley, the benchmark price was $340,600, up 6.23 per cent from 2014. Duncan reported a benchmark price of $303,300, an increase of 7.85 per cent over the same month in 2014.  Nanaimo’s benchmark price rose 5.75 per cent to $358,100 while the Parksville-Qualicum area saw its benchmark price rise by 4.21 per cent to $377,200.  The price for a benchmark home in Port Alberni was $190,600, an increase of 1.81per cent since September 2014.

1. Get Cracking - The kitchen will often yield the greatest return on investment.  A welcoming kitchen that’s functional and up-to-date will be very attractive to buyers.
   
   
2. Clean Up - The bathroom is the second most important room in the home in terms of valuation so renovating an existing bathroom or installing an additional one pays off.
   
   
3. Go Green - An eco-friendly home is a healthy home so if you’re thinking about replacing flooring for instance, use environmentally friendly materials such as bamboo or cork.
   
   
4. Landscaping - Adding a few perennials is an easy way to improve your home's curb appeal.  A few well-placed trees and shrubs will reduce utility costs by providing shade and shelter.
   
   
5. The Convert - If you converted a bedroom into a home office, consider returning it to its original state.  Buyers are more concerned with the number of bedrooms than having a home office they’ll never use.

Halloween Safety Tips for Homeowners 

1. Loose Ends - Repair any loose railings on your porch and steps.
   
   
2. Think Ahead - Have a spare light bulb on hand in case your porch light burns out.
   
   
3. A Safe Glow - Use a light stick or flashlight in your jack-o'-lantern instead of candles.
   
   
4. Frightened Fido - Halloween is a scary time for dogs so keep them secured in a separate room.
   
   
5. Lighten Up - Although Halloween is a dark and spooky time, it’s important to ensure the path to your front door is well lit.

Remembering "What's His Face" From Down the Street