Home inventory shortage on Vancouver Island
The benchmark price of a single-family home in the Vancouver Island Real Estate Board area was up 6.21 per cent from one year ago to $341,000.
Looking at specific areas, Duncan reported a benchmark price of $311,100, an increase of 9.47 per cent over the same month in 2015.
Nanaimo’s benchmark price rose 6.44 per cent to $359,100 while the Parksville-Qualicum area saw its benchmark price rise by 10.73 per cent to $390,400.
In the Comox Valley, the benchmark price was nearly 332 thousand dollars, up 3.64 per cent from 2015.
The price for a benchmark home in Port Alberni was $187,100, an increase of 10.84 per cent since January 2015.
The January 2016 benchmark price of a single-family home in the Campbell River area was almost 271 thousand dollars virtually unchanged from last year.
The Vancouver Island housing market kicked off 2016 with strong sales, continuing the momentum created in the last quarter of 2015.
Last month, 258 single-family homes sold on the Multiple Listing Service compared to 196 in January 2015, an increase of 32 per cent.
BC real estate association Chief Economist Cameron Muir says it’s going to take some time for the oil patch to recover, which could result in some interprovincial migration from the provinces most affected by the drop in oil prices.
He says some Albertans close to retirement will likely decide to cash in, and B.C. is a popular retirement locale.
Vancouver Island Real Estate board President Margo Hoffman says limited inventory is the biggest challenge for realtors and home buyers.