Real Estate Market Update for October

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Drop in Sales for October Compared to Summer

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Nov 5th, 2016 at 2:13 pm

The real estate market in the Qualicum Beach Parksville Fairwinds Nanoose Bay area of mid Vancouver Island showed a drop in October sales by over 30% when compared to the summer months. The number of single family homes sold in October was the same as in September but down by 31% when compared to June, July and August. Overall sales dollars were down by 33% compared to the summer as well. Homes took 44% longer to sell in October than in August but some well-priced homes are still selling within a couple of days and often with multiple offers, largely due to a lack of inventory. Normally, October sales are fairly strong compared to the summer months as buyers are back from vacation and family interests and want to get settled in here before Christmas and before the snow flies in other parts of Canada. Something happened...and it could have been the imposition of the 15% foreign-buyers tax on the Vancouver market on August 2nd that dramatically impacted the flow of buyers coming here...

Overall real estate sales on Vancouver Island have been very strong in 2016 and it seems the aging boomers really got going on their retirement plans this year. Here, our local communities are quite small and with higher than usual sales volume, our inventory of homes being offered for sale has all but been wiped out. The strain of low inventory causes prices to go up with homes sometimes being purchased as soon as they hit the market, if priced realistically. Local pricing of single family homes are up by 18% for the first 10 months of 2016 compared to last year. However, it is interesting to note that single family home pricing dropped by 4% when compared to August.

With the drop in oil prices, fewer Albertans have been in a position to buy real estate here this year. However, buyers from the BC Lower Mainland had been coming in much larger numbers than usual. Tourism has been way up this season and it will be interesting to see the year-end figures. Due to the lower dollar, way more Americans have come, along with Canadians staying on this side of the border. This has been a great boost to our local economies! See the website ‘Market News’ tab and go to ‘Market Statistics’ and ‘Market News’ for more.

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