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Real Estate Market Update August 2019 Qualicum Beach Parksville Area Vancouver Island, BC

Home > Market News > Real Estate Market Update August 2019 Qualicum Beach Parksville Area Vancouver Island, BC

August 2019

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Oct 14th, 2019 at 1:59 pm

Over the past year, the real estate market has ‘levelled out’ in terms of pricing and has become more of a balanced market. At least for now, gone are the double digit price increases & unsettling multiple offers that we saw during 2015 – 2018. When all single family sales are combined during the previous 12 month period, the August sale price is the same as it was in July & August of 2018 at $610K. Note that it was in July of last year that single family home sale prices began to ‘level out.’

Locally, this is a small real estate market in a great locale.

Specifically in August, the median sale price of single family homes was $559,000 with an average sale price of $608,200 (not including waterfront or acreages). This is the same price as in July of 2018. Patio-home condos sold on average for $352,150, apartment condos sold for $362,340 & townhomes averaged $363,062. Only 1 building lot sold in August for $415,000. Current inventory has jumped to 37 lots which is up considerably over August of last year. The list to sell ratio for single family home sales was 96% in August. Single family home listings are up by 11% & in all property types by 15% as well when compared to August of last year.  It has been a somewhat slower spring/summer market this year and the number of single family homes sold is down by 6% for August of this year compared to 2018. It is taking a bit longer to sell this year with the days to sell averaging 30 days.

Buyers want to move here, especially in retirement, for both the milder climate & better lifestyle. Sellers generally either want to downsize, move to another home with an ocean view that they didn’t have before, or to relocate back to where their kids & grandkids live. Here, we see a great gray wave of Boomers (more like a gray tsunami...) retiring to the region. Retirees drive the local economy along with tourism. Retirees keep the trades people busy with home renovations & new home construction. The 'elderhood market' is now known as the new silver economy. This will have a dramatic effect on society, with tremendous business opportunities that emerge from this burgeoning demographic.

 

The 2018 RE/MAX Recreational Property Report states that although the BC market is driven primarily by retirees, an emerging trend is the presence of couples and young entrepreneurs in search of work/life balance. The BC speculation tax does not apply to the Qualicum Beach/Parksville area. Some may acquire a recreational property as the cost of home ownership in places like Vancouver and Victoria has become prohibitive. For others it’s a stress-relieving escape from a fast paced life and career. While for others it can be part of a retirement strategy.

 

A balanced real estate market trend in the Qualicum Beach Parksville area has emerged with single family home & condo sale price increases having moderated or 'levelled off.' If you go to the ‘Market News’ tab on my website you will see the graph in Part 1 showing single family home sale pricing over time & see for yourself how it has ‘levelled off.’

Here are few interesting trends for you regarding the overall BC economy. 70% of Canadians over 60 want to retire in BC. In 1960, the average Vancouver home sold for $13,105. In 1998, the average sale price stood at $346,540. Today that average Vancouver home is $1.8M (Ozzie Jurock). BC has an economy that continues to attract talent, thanks to flexible immigration policies and an enviable quality of life.  BC's unemployment rate ended at 4.4%, lower than anywhere else in the country, and remained so through the first quarter of this year (BC Business).

At RE/MAX Anchor in Qualicum Beach & at RE/MAX First in Parksville, our full-time REALTORS have the highest number of sales per REALTOR when compared to our local competition.

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