VIREB president says many Island homes are selling ‘well above asking price’
Home and house keys. (Tierra Mallorca, Unsplash.com)
Housing prices on the Island have been shooting up in the last 30 days, with many properties selling for tens of thousands of dollars higher than asking price.
Vancouver Island Real Estate Board President Kevin Reid says the Island has always been a choice destination for people across Canada, but the COVID-19 pandemic appears to have encouraged people to take the leap and move here.
“B.C. was excellent at handling the pandemic, and Vancouver Island was a very safe place to be during the state of emergency,” Reid says. “I think that’s just reinforced people’s desire to move and their desire to move now.”
Reid says bidding wars for homes are now common, with one Comox Valley home priced in the 800’s recently sold for $130,000 over the asking price.
The Home Price index, which can be lower than market prices, shows the average home price in the following markets:
- Campbell River: $456,000
- Comox Valley: $557,000
- Nanaimo: $593,000
- Duncan: $500,000