Local Real Estate Market has Taken Off

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Don't Wait Much Longer - If You Can - It's Time to Buy - April 26 2013

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Apr 26th, 2013 at 1:32 pm

Our market picked up considerably at the end of January and continues to gain momentum during this first quarter. After having experienced a truly miserable winter on the prairies, buyers from Alberta and Saskatchewan have arrived to see that our spring comes in late February! If you are a potential Buyer, you might want to consider that the time has arrived. Prices came down considerably (about 15%) during the post-recessionary period after 2008. Interest rates have held steady at near-record lows. The inventory of available homes is also good. "BC home sales continued at a modest pace in February," said Cameron Muir, BCREA Chief Economist. "Despite improved affordability, many potential buyers and sellers remain in a holding pattern. With pent up demand now becoming latent in the market, it's not a matter of if, but when home sales rise above their current pace." This is from BC Real Estate Association (March 15, 2013). Overall sales volume was down in the Parksville/Qualicum area by about 20% in 2012. There is a built-up supply of buyers who have been waiting. It looks like this is the post-recession turn-around year for our real estate market. Many buyers have been waiting for prices to hit bottom before jumping in. We’re there Economists predict that in 2014 prices will likely start rising - dependent largely on overall success in the western oil & gas industry. I see 2013 pricing holding steady with probably an upturn in 2014 based on demand and what happens this year with sales. So far, 2013 is shaping up to be a very good year for sales!

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