Our March 2019 statistics show that sales of single-family homes board-wide dipped by 23 per cent year over year. The good news is that March delivered a 36 per cent increase in home sales over February.
Last month, 309 single-family homes sold on the MLS® System compared to 399 in March 2018 and 227 in February. In the apartment and townhouse categories, sales dropped by 10 per cent and 30 per cent, respectively.
Housing sales have weakened throughout most of the province, which BCREA largely attributes to the mortgage stress test (Guideline B-20). In the VIREB area, the stress test is helping reduce demand for higher-priced properties and pushing buyers towards less expensive homes. In turn, this is compressing the lower end of the market.
THE NUMBERS: MARCH 2019
Active Listings Year Over Year
Single-Family - up by 20 per cent (976 to 1,172)
Apartments - up by 20 per cent (237 to 284)
Townhouses - up by 24 per cent (148 to 183)
Benchmark Prices: Board-Wide
Single-Family - $510,800 (6 per cent increase)
Apartment - $319,800 (8 per cent increase)
Townhouse - $414,700 (8 per cent increase)
Benchmark Prices: By Zone
Campbell River - $417,200 (8 per cent increase)
Comox Valley - $507,100 (8 per cent increase)
Duncan - $471,500 (5 per cent increase)
Nanaimo - $554,300 (4 per cent increase)
Parksville-Qualicum - $577,300 (4 per cent increase)
Port Alberni/West Coast - $299,400 (8 per cent increase)
Month over month, Campbell River, Parksville-Qualicum, and Port Alberni saw modest reductions in their benchmark prices while Comox Valley, Duncan, and Nanaimo recorded small increases.
Trend-wise, VIREB’s housing market has transitioned from one favouring sellers to one that is balanced or near balanced.
Source of Info: Vancouver Island Real Estate Board, April 2019 (http://www.vireb.com)