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

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

June 2019

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Jul 22nd, 2019 at 7:48 pm

The number of homes sold by the listing broker is down to 25% due to the new real estate rules which do not allow "double ending". Of the 371 homes that sold locally in the first 6 months of 2019, 68% sold for over $500K with 34 sales over $1M.

To get at the overall trends in the local market, I have summarized the sales figures over the first 6 months (Jan Feb Mar April May June) of 2019 & compared that to the same period in 2018. Tabulated results for 2019 show that average sale pricing for single family homes is down by just 3% to $604,991. It has been a somewhat slower spring market this year as the number of single family homes sold is down by 9%. It is taking a bit longer to sell in this market as the days to sell is up by 28% to 35 days. In summary, prices are holding steady, sales are down a bit, it’s taking longer to sell & the number of listings are up, compared to the first half of last 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 have seen during the past 3 years. Specifically in June, the median sale price of single family homes was $570,000,000 with an average sale price of $572,055 (not including waterfront or acreages). This is down by 6% compared to June of 2018. Again for June, patio-home condos sold on average for $442,351, apartment condos sold for $320,505 & townhomes averaged $475,917. Only 1 building lot sold in June. However, current inventory has jumped to 36 lots which is up considerably over June of last year. The list to sell ratio for single family home sales was 98% in June. Single family homes listings are up by 23% & in all types by 21% when compared to June of last year.

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.

Outstanding Agents…Outstanding Results.

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