Real Estate Newsletter September 2015 for Qualicum Beach Parksville Nanoose Bay & Area

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Real Estate Market Update for Qualicum Beach Parksville Nanoose Bay & Area

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Sep 4th, 2015 at 6:10 pm

The number of single family homes sold in the Parksville/Qualicum Beach area was up 19% over the first 8 months of this year compared to last. Sale pricing is up by 4% while days to sell is down to 53, and the number of single family homes being offered for sale at this time is down compared to August of last year. Building lots continue to struggle with the number of lots sold in the first 8 months down by 29% and the days to sell almost double that from last year. This may be due to construction costs having gone up thereby making it more attractive to buy a re-sale home requiring a few renovations. The desire for “less is more” persists. Many are moving towards a more modest-sized home at this stage in life.

Condos of all types have enjoyed a significant increase in the number of units sold this year compared to last as sales are up by about 30%. This year, we have also seen some positive movement in terms of homes priced over $1M and homes that have been on the market for quite some time. As always, the largest segment in our real estate market is the rancher/bungalow style of homes priced under $450K. The persistence of exceptionally low borrowing costs will likely maintain a healthy level of sales in the coming months as even more Boomers retire to the mild climate of the West Coast.

Significant numbers of buyers are coming from the Lower Mainland and Victoria. Home prices there are drastically higher (yikes!). Nationally, it sounds like perhaps Toronto, Saskatoon and Calgary may be in for a price correction. However, Vancouver price increases seem to know no bounds. Canada-wide, home sale prices are up 3% to 4%, excluding those larger centers. We continue to see buyers arriving from the Edmonton area while Calgarians are generally having a tougher time selling.

Very few Americans are here buying, even with an exchange rate in about the 70 cent range. Yet, September/October is a time when more Americans typically do arrive along with those buyers wanting higher-priced homes of about $1M. Certainly far fewer Canadians will be buying getaway properties south of the border in light of the current exchange rate. Canadian snowbirds will have to hold on for now if thinking of selling their vacation home in the U.S. Vancouver Island tourism is way up this year with more Canadians enjoying a ‘stay-cation’ closer to home.Of course this is great for the local economy!

With the close of summer, many Boomers are now spending time with their grandkids before they head back to school. It is always interesting to see the annual spike in arrivals that occurs shortly after the Labour Day weekend. The Fall is a great time to visit and to search for that special home. The tourist activity is much reduced while the climate continues to be terrific. Many sellers target the late summer/early Fall to bring on their new listing after having enjoyed the summer with family.

Some have suggested that the real estate market here in BC and on Vancouver Island has enjoyed the most sales activity seen in the last 10 years. Certainly it has been a good year so far.

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