Wednesday, March 08, 2006
February Sales Summary Keeps Climbing
News Release: March 3, 2006
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board for February 2006, shows unit sales and average sale prices across the board region continuing upward trends.
At the end of February 2006, total unit sales for the board area were up 2 per cent from February 2005 but up almost 38 per cent from a month earlier in January 2006. The average sale price for the total board area increased 20 per cent from February 2005 and increased 3 per cent in just the last month alone.
VIREB President Darrell Paysen says the market is percolating right along.
"This continued strength in 2006 shows the market is healthy. I get the sense that buyers and sellers are comfortable with the strength of the economy in BC, and aren't too terribly worried about forecasted small interest rate hikes," he says. "There is a lot of consumer confidence."
From February 2005 to February 2006, Campbell River increased 27 per cent (to $251,145), Comox Valley 21 per cent (to $296,910), Nanaimo 22 per cent (to $289,927), Parksville/Qualicum 19 per cent (to $321,510), Port Alberni 25 per cent (to $158,831) and Duncan’s increased 16 per cent (to $279,525).
With the exception of Nanaimo and Parksville-Qualicum, unit sales increased from February 2005 to February 2006 in every zone of VIREB.
"While I think analyzing the month to month statistics is important, I believe the larger, long term trends give a much better view of real estate activity on Vancouver Island."
Paysen says that longer term view, echoed by the BC Real Estate Association, is that 2006 overall will be the 2nd busiest year on record (after the 2005 record).
"I believe consumer confidence is there across our region. Interest rates have fluctuated, but are anticipated to stay around the 5 per cent range. The 2010 Olympics are on the horizon, and after seeing the exposure for Vancouver during the recent Turin Olympics, I only think that interest will keep building for this part of the world," he says.
"As a member of their local real estate Board, REALTORS have their finger on the pulse of the housing market. Consumers should contact their REALTOR if they are considering buying or selling a home."
VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighborhoods or account for price differential between geographic areas.
VIREB represents approximately 1,000 licensed REALTOR members in more than 80 member offices on Vancouver Island (North of Victoria).
REALTOR is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS is a cooperative marketing system used by Canada's real estate boards.
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NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board for February 2006, shows unit sales and average sale prices across the board region continuing upward trends.
At the end of February 2006, total unit sales for the board area were up 2 per cent from February 2005 but up almost 38 per cent from a month earlier in January 2006. The average sale price for the total board area increased 20 per cent from February 2005 and increased 3 per cent in just the last month alone.
VIREB President Darrell Paysen says the market is percolating right along.
"This continued strength in 2006 shows the market is healthy. I get the sense that buyers and sellers are comfortable with the strength of the economy in BC, and aren't too terribly worried about forecasted small interest rate hikes," he says. "There is a lot of consumer confidence."
From February 2005 to February 2006, Campbell River increased 27 per cent (to $251,145), Comox Valley 21 per cent (to $296,910), Nanaimo 22 per cent (to $289,927), Parksville/Qualicum 19 per cent (to $321,510), Port Alberni 25 per cent (to $158,831) and Duncan’s increased 16 per cent (to $279,525).
With the exception of Nanaimo and Parksville-Qualicum, unit sales increased from February 2005 to February 2006 in every zone of VIREB.
"While I think analyzing the month to month statistics is important, I believe the larger, long term trends give a much better view of real estate activity on Vancouver Island."
Paysen says that longer term view, echoed by the BC Real Estate Association, is that 2006 overall will be the 2nd busiest year on record (after the 2005 record).
"I believe consumer confidence is there across our region. Interest rates have fluctuated, but are anticipated to stay around the 5 per cent range. The 2010 Olympics are on the horizon, and after seeing the exposure for Vancouver during the recent Turin Olympics, I only think that interest will keep building for this part of the world," he says.
"As a member of their local real estate Board, REALTORS have their finger on the pulse of the housing market. Consumers should contact their REALTOR if they are considering buying or selling a home."
VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighborhoods or account for price differential between geographic areas.
VIREB represents approximately 1,000 licensed REALTOR members in more than 80 member offices on Vancouver Island (North of Victoria).
REALTOR is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS is a cooperative marketing system used by Canada's real estate boards.
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