Thursday, November 02, 2006
Values up in October, volume down
FOR IMMEDIATE RELEASE
November 2, 2006
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for October 2006, shows average selling values rising and sales volumes declining from the previous month.
The average sale price across the VIREB region for October 2006 was $301,508. This is a 12 per cent increase from the $266,950 posted at the end of October 2005, and a small decline from September 2006. While unit sales volumes in October 2006 were up in half of the VIREB Zones (Comox Valley, Duncan and Nanaimo) from the previous month (September 2006), they were down overall 17 per cent from October 2005.
VIREB President Darrell Paysen says the market is returning to more normal levels. "The current levels are much more sustainable overall and it what's we've been calling for," he says, noting October was very busy.
"There is more inventory than last year, so Buyers are able to take more time make their decisions. We're continuing to call for more modest price increases in the coming years."
Average sale prices across VIREB's six zones, from October 2005 to October 2006: Campbell River increased 12 per cent (to $264,422), the Comox Valley was up 12 per cent (at $300,010), Nanaimo is up 6 per cent (to $305,339), Parksville/Qualicum grew 6 per cent (to $349,110), Port Alberni increased 50 per cent (to $218,614) and Duncan's increased 21 per cent (to $323,850).
Paysen continues: "Here in BC, the gross domestic product is up and there are tons of jobs. More and more people are coming from other parts of the country and overseas, and economic momentum is very high.
"With more selection to choose from, Buyers are looking for very specific things," he says. "It's very important that Sellers work with their REALTOR, in order for properties to be right priced and buyers need to make their best offers."
Recently, top travel magazine Conde Nast recognized Vancouver Island yet again and Paysen says this is a good sign for local market activity.
"For the 7th year in a row, Vancouver Island was rated number one in the North American Island category. The magazine is known throughout the travel world, with a circulation of 750,000. For REALTORS this means new people are discovering and coming to Vancouver Island all of the time."
Paysen says those same travelers frequently decide to invest and return as residents down the road.
VIREB represents approximately 1,090 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).
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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.
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.
For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications, 250-390-4212
Or, for further localized comments, please contact:
Campbell River:
Karol Power 286-3293 Dan Samson 286-1187
Comox Valley:
Martyn Douglas 897-3999 Ray Francis 897-3999
Duncan:
Shirley Moore 746-6621 Darrell Paysen 748-5000
Nanaimo:
Subhadra Ghose 751-1223 Jennifer Lynch 247-2088
Jim Stewart 758-7653 Ken Westfall 751-1223
Parksville-Qualicum:
Ian Dewar 248-4321 Jim Hoffman 248-8371
Port Alberni:
Lyle Price 723-5666
November 2, 2006
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for October 2006, shows average selling values rising and sales volumes declining from the previous month.
The average sale price across the VIREB region for October 2006 was $301,508. This is a 12 per cent increase from the $266,950 posted at the end of October 2005, and a small decline from September 2006. While unit sales volumes in October 2006 were up in half of the VIREB Zones (Comox Valley, Duncan and Nanaimo) from the previous month (September 2006), they were down overall 17 per cent from October 2005.
VIREB President Darrell Paysen says the market is returning to more normal levels. "The current levels are much more sustainable overall and it what's we've been calling for," he says, noting October was very busy.
"There is more inventory than last year, so Buyers are able to take more time make their decisions. We're continuing to call for more modest price increases in the coming years."
Average sale prices across VIREB's six zones, from October 2005 to October 2006: Campbell River increased 12 per cent (to $264,422), the Comox Valley was up 12 per cent (at $300,010), Nanaimo is up 6 per cent (to $305,339), Parksville/Qualicum grew 6 per cent (to $349,110), Port Alberni increased 50 per cent (to $218,614) and Duncan's increased 21 per cent (to $323,850).
Paysen continues: "Here in BC, the gross domestic product is up and there are tons of jobs. More and more people are coming from other parts of the country and overseas, and economic momentum is very high.
"With more selection to choose from, Buyers are looking for very specific things," he says. "It's very important that Sellers work with their REALTOR, in order for properties to be right priced and buyers need to make their best offers."
Recently, top travel magazine Conde Nast recognized Vancouver Island yet again and Paysen says this is a good sign for local market activity.
"For the 7th year in a row, Vancouver Island was rated number one in the North American Island category. The magazine is known throughout the travel world, with a circulation of 750,000. For REALTORS this means new people are discovering and coming to Vancouver Island all of the time."
Paysen says those same travelers frequently decide to invest and return as residents down the road.
VIREB represents approximately 1,090 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).
- 30 -
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.
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.
For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications, 250-390-4212
Or, for further localized comments, please contact:
Campbell River:
Karol Power 286-3293 Dan Samson 286-1187
Comox Valley:
Martyn Douglas 897-3999 Ray Francis 897-3999
Duncan:
Shirley Moore 746-6621 Darrell Paysen 748-5000
Nanaimo:
Subhadra Ghose 751-1223 Jennifer Lynch 247-2088
Jim Stewart 758-7653 Ken Westfall 751-1223
Parksville-Qualicum:
Ian Dewar 248-4321 Jim Hoffman 248-8371
Port Alberni:
Lyle Price 723-5666
