Monday, April 10, 2006
Real estate reports hikes continue through March
News Release: April 5, 2006
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board for March 2006, shows unit sales and average sale prices across the board region are continuing growth trends from previous months.
At the end of March 2006, total unit sales for the board area were up just over 1 per cent from the March 2005 but up almost 29 per cent from a month earlier in February 2006. The average sale price for the total board area increased 26 per cent from March 2005 and increased 4.5 per cent in just the last month alone.
VIREB President Darrell Paysen says there is a lot of consumer confidence in the market.
"Real estate is a major economic barometer and this strength shows the continued health of economy," he says.
"Overall, at the local levels, I think people are happy and confident. My feeling continues that buyers and sellers aren't too terribly worried about recent small interest rate hikes," he says.
On the issue of interest rates, Paysen says the topic was covered in depth at the recent convention of the Canadian Real Estate Association in Ottawa.
"Many financial and industry speakers addressed this topic. The overall feeling was that rates were moving to a natural comfort zone at around 5 per cent, which is what we have been expecting and what has happened."
From March 2005 to March 2006, Campbell River increased 36 per cent (to $284,247), Comox Valley 28 per cent (to $291,410), Nanaimo 23 per cent (to $303,279), Parksville/Qualicum 23 per cent (to $339,143), Port Alberni 16 per cent (to $171,788) and Duncan's increased 38 per cent (to $312,315).
With the exception of Campbell River, unit sales for March 2006 increased in every VIREB zone from the previous month in February 2006. The largest gain in volume was in Parksville/Qualicum posting a 50 per cent unit sales increase from February 2006.
Paysen says the true message of the economic strength on Vancouver Island, is looking at the longer term trends and forecasts.
"These views call for more balanced conditions to start returning, with prices to start leveling off a bit next year. The BC Real Estate Association (BCREA) has said it predicts 2006 overall will be the 2nd busiest year on record, after the record year in 2005."
"As well, it's springtime, which is traditionally one of the busiest times of the year. I would remind all buyers and sellers that 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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For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board for March 2006, shows unit sales and average sale prices across the board region are continuing growth trends from previous months.
At the end of March 2006, total unit sales for the board area were up just over 1 per cent from the March 2005 but up almost 29 per cent from a month earlier in February 2006. The average sale price for the total board area increased 26 per cent from March 2005 and increased 4.5 per cent in just the last month alone.
VIREB President Darrell Paysen says there is a lot of consumer confidence in the market.
"Real estate is a major economic barometer and this strength shows the continued health of economy," he says.
"Overall, at the local levels, I think people are happy and confident. My feeling continues that buyers and sellers aren't too terribly worried about recent small interest rate hikes," he says.
On the issue of interest rates, Paysen says the topic was covered in depth at the recent convention of the Canadian Real Estate Association in Ottawa.
"Many financial and industry speakers addressed this topic. The overall feeling was that rates were moving to a natural comfort zone at around 5 per cent, which is what we have been expecting and what has happened."
From March 2005 to March 2006, Campbell River increased 36 per cent (to $284,247), Comox Valley 28 per cent (to $291,410), Nanaimo 23 per cent (to $303,279), Parksville/Qualicum 23 per cent (to $339,143), Port Alberni 16 per cent (to $171,788) and Duncan's increased 38 per cent (to $312,315).
With the exception of Campbell River, unit sales for March 2006 increased in every VIREB zone from the previous month in February 2006. The largest gain in volume was in Parksville/Qualicum posting a 50 per cent unit sales increase from February 2006.
Paysen says the true message of the economic strength on Vancouver Island, is looking at the longer term trends and forecasts.
"These views call for more balanced conditions to start returning, with prices to start leveling off a bit next year. The BC Real Estate Association (BCREA) has said it predicts 2006 overall will be the 2nd busiest year on record, after the record year in 2005."
"As well, it's springtime, which is traditionally one of the busiest times of the year. I would remind all buyers and sellers that 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.
- 30 -
For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212
