Real Estate Market Update for September

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Drop in Sales for September

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Oct 14th, 2016 at 11:58 am

The real estate market in the Qualicum Beach Parksville Fairwinds area of mid Vancouver Island showed a drop in September sales by over 30% when compared to the summer months. The number of single family homes sold in September was down by 29% compared to August and by 31% when compared to June, July and August with overall sales dollars down by 31% and 32% respectively. Homes also took 35% longer to sell in September than in August but many well-priced homes are still selling within a couple of days and often with multiple offers, largely due to a lack of inventory. Normally, September sales are up 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 may have been the imposition of the 15% foreign-buyers tax on the Vancouver market that dramatically impacted the flow of buyers coming here...

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 being purchased as soon as they hit the market, if priced realistically. 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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