Wednesday, April 04, 2007

Van Island REALTORS® report hikes in March

April 3, 2007

NANAIMO, BC – Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for March 2007 shows continuing month to month increases in volume and average sale prices.

The average sale price across the VIREB region for March 2007 was $312,862. This is an 8 per cent increase from the $288,475 posted at the end of March 2006. Unit volume increased 13 per cent from February 2007, and was off 5 per cent for the 12 month period back to the end of March 2006.

VIREB President Jennifer Lynch says the market is doing well.

“Traditionally, the real estate market on Vancouver Island experiences a surge in activity every year in the spring. This year is no exception. We saw a surge in February and it kept growing through March.”

March 2007 unit sales volumes were up 13 per cent from the end of the previous month and up in all of VIREB’s six zones.

Average sale prices across VIREB's six zones, from March 2006 to the end of March 2007: Campbell River stayed the same ($281,293), the Comox Valley was up 8 per cent (at $310,353), Nanaimo is up 8 per cent (to $328,773), Parksville/Qualicum increased 7 per cent (to $355,301), Port Alberni increased 17 per cent (to $199,653) and Duncan's increased 12 per cent (to $346,508).

Lynch says a wider inventory is continuing to create buyer’s market conditions, although she stresses things overall are much more balanced.

“Price increases have become a reality in the marketplace. Buyers are still motivated. For first time buyers, they are finding the means necessary to enter the market,” she says.

“Consumer confidence remains high with a combination of low interest rates, price increases and a solid economy.”

Lynch says affordability remains a good draw for the VIREB region, with the average sale price in Victoria over $542,000, and Vancouver over $660,000.

“Our lower average sale prices compared to Victoria and Vancouver certainly enhances interest in the VIREB area, with inquiries from Alberta and across Canada continuing,” she says.

Lynch says the market should continue to be active, balanced and sustainable throughout the year.

VIREB represents approximately 1,122 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:

Jennifer Lynch, President, 250-247-2088

Drew Harris, Communications, 250-390-4212

# posted by VIREB @ 3:52 PM  

Tuesday, March 06, 2007

REALTORS report robust market in February

FOR IMMEDIATE MEDIA RELEASE
March 2, 2007

NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for February 2007, shows an increase in volume while average sale prices also rose.

The average sale price across the VIREB region for February 2007 was $297,189. This is a 14 per cent increase from the $260,112 posted at the end of February 2006. Unit volume increased from January 2007, and was the same for the 12 month period back to the end of February 2006.

VIREB President Jennifer Lynch says the market is performing as expected. "We saw a surge in activity in February, brought on by more listing inventory. Homeowners and REALTORS are gearing up for a busy spring in a robust market."

February 2007 unit sales volumes were up 26 per cent from the end of the previous month. Out of VIREB's 6 zones, only Port Alberni showed a small volume decline from the end of January 2007.

Average sale prices across VIREB's six zones, from February 2006 to the end of February 2007: Campbell River increased 6 per cent (to $263,522), the Comox Valley was up 2 per cent (at $292,296), Nanaimo is up 14 per cent (to $305,599), Parksville/Qualicum increased 25 per cent (to $352,203), Port Alberni increased 54 per cent (to $227,660) and Duncan's increased 15 per cent (to $306,520).

Lynch says spring is traditionally the busiest time of year.

"Our communities continue to enjoy a healthy housing market, thanks to a strong local economies, employment growth, and increased demand," she says.

"A plethora of mortgage products, along with the continuation of great finance rates, allow individuals more flexibility and opportunities to gain access into the market."

The overall affordability of the VIREB region, compared to Vancouver and Victoria, continues to drive sales.

"Affordability is a huge story for us. With the average sale price in Victoria over $500,000, and Vancouver over $640,000, our area looks pretty good at just under $300,000," Lynch explains, noting enquiries about the region continue to come in from all over Canada.

Additionally, the recent 2007 BC Budget announcement contained several important housing announcements, some of which will have a significant impact on the real estate industry.

"Look at the enhancement of the First Time Home Buyers' Program. The ceiling is being increased to exempt first-time buyers across British Columbia from paying the Property Transfer Tax on homes valued up to $375,000, - which will save first-time buyers up to $5,500."

Lynch says the market should continue to be active, balanced and sustainable throughout the year.

VIREB represents approximately 1,100 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:

Jennifer Lynch, President, 250-247-2088
Drew Harris, Communications, 250-390-4212

Or, for further localized comments, please contact:

Campbell River:
Karol Power 286-3293

Comox Valley:
Martyn Douglas 897-3999 Ray Francis 897-3999

Duncan:
Cliff Moberg 748-5000 Darrell Paysen 748-5000

Nanaimo:
Subhadra Ghose 751-1223 Jennifer Lynch 247-2088
Jim Stewart 758-7653 Dave Thompson 751-1223

Parksville-Qualicum:
Ian Dewar 248-4321 Jim Hoffman 248-8371

Port Alberni:
Lyle Price 723-5666

# posted by VIREB @ 9:44 AM  

Monday, February 05, 2007

REALTORS report increases in January 2007

FOR IMMEDIATE MEDIA RELEASE
Feb 5, 2007

NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for January 2007, shows an increase in volume while average sale prices continued to rise.

The average sale price across the VIREB region for January was $278,474. This is a 12 per cent increase from the $246,475 posted at the end of January 2006, while unit volume for the same period increased 7 per cent.

VIREB President Jennifer Lynch says it is positive to see both unit sales and average sale prices up for this period.

"We are heading into the busier market season, as a result sales are up from where they were in December. This is a good sign for the year,' she says.

Unit sales volumes in January 2007 were up in most of VIREB's 6 zones, increasing overall by 7 per cent from January 2006. Only the Comox Valley and Duncan showed slight declines.

Average sale prices across VIREB's six zones, from January 2006 to the end of January 2007: Campbell River increased 11 per cent (to $251,808), the Comox Valley was up 13 per cent (at $291,832), Nanaimo is up 21 per cent (to $308,775), Parksville/Qualicum slipped slightly by 2 per cent (to $296,696), Port Alberni increased 14 per cent (to $178,883) and Duncan's increased 15 per cent (to $292,685).

Lynch says solid consumer confidence, low interest rates and listings, all play a key role in increasing the number of potential buyers.

"The past few months there has been movement back and forth between buyers and sellers trying to determine whether it was a 'Buyer's market' or a 'Seller's market' that we were in at any given point.

'Buyers saw inventory coming on the market, and not disappearing as readily as before. Sellers maintained that the market was continuing in a 'Sellers market'," she says.

"However, Buyers should be re-assured that the prices are increasing at a slower pace, and there is still a good selection of inventory. The market will likely continue to be transitional, finding more of equilibrium between a 'Buyers' and 'Sellers' market.

"Enquiries continue to come in globally," Lynch says. "However the bulk of these enquiries still come from within Canada, and on Vancouver Island we are particularly benefiting from the spillover effects from Alberta's economic boom."

VIREB represents approximately 1,096 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:

Jennifer Lynch, President, 250-247-2088
Drew Harris, Communications, 250-390-4212

Or, for further localized comments, please contact:

Campbell River:
Karol Power 286-3293

Comox Valley:
Martyn Douglas 897-3999 Ray Francis 897-3999

Duncan:
Cliff Moberg 748-5000 Darrell Paysen 748-5000

Nanaimo:
Subhadra Ghose 751-1223 Jennifer Lynch 247-2088
Jim Stewart 758-7653 Dave Thompson 751-1223

Parksville-Qualicum:
Ian Dewar 248-4321 Jim Hoffman 248-8371

Port Alberni:
Lyle Price 723-5666

# posted by VIREB @ 12:24 PM  

Thursday, January 04, 2007

Van Island Realtors release 2006 MLS statistics

FOR IMMEDIATE MEDIA RELEASE
Jan 4, 2007

NANAIMO, BC - Multiple Listing Service (MLS) annual sales summary data released by the Vancouver Island Real Estate Board (VIREB) for 2006, shows a decline in volume while average sale prices continued to rise.

The average sale price across the VIREB region for 2006 was $274,699. This is a 16 per cent increase from the $235,648 posted at the end of 2005.

2007 President Jennifer Lynch, a REALTOR on Gabriola Island, says the market has settled into a much more normal pattern.

"2006 was a really solid year for real estate sales on Vancouver Island. In all VIREB zone areas the average price for 2006 surpassed 2005," she says.

"Now with a slight reduction in sales volume, and steady price increases, the market will shift towards more of a balance for buyers and sellers," Lynch explains, noting the pace of price increases slowed down towards the end of 2006.

Past President Darrell Paysen says there were no surprises in the numbers. "They came in just as predicted. We're heading into a much more sustainable market over the longer term."

Unit sales volumes in 2006 were down across the VIREB region by 8 per cent, finishing the year at 5,584, down from the 6,098 posted in 2005. Only Campbell River posted a small unit gain in 2006.

2006 annual average sale prices across VIREB's six zones: Campbell River increased 21 per cent (to $255,947), the Comox Valley was up 17 per cent (at $278,803), Nanaimo is up 14 per cent (to $288,880), Parksville/Qualicum grew 14 per cent (to $313,707), Port Alberni increased 25 per cent (to $183,963) and Duncan's increased 17 per cent (to $284,238).

VIREB Vice President Subhadra Ghose says continuing low interest rates are a good indicator.

"It's better for the young buyers to get into the market. We're seeing new subdivisions building up across the Nanaimo area and condos continue to sell," she says, noting the flow of buyers from Alberta continues as well.

In Port Alberni, VIREB Director Lyle Price says the local market is strong. "Port Alberni is being discovered as a great place to live, raise a family and retire. Prices are still lower than the rest of Vancouver Island and growth in areas like Sproat Lake continues to escalate."

In the Comox Valley, VIREB Director Marty Douglas says the real estate market will remain active. "I expect many forecasts for 2007 to be of the 'sunny with cloudy periods' variety. I believe sales will be comparable to 2005 and 2006 but with even more bias in favor of the buyer as we see rapidly rising inventories of more new developments."

Jim Stewart, a VIREB Director in Nanaimo, notes inquiries are continuing to come in. "It really shows how awareness of our region has grown. Baby boomers from all over are looking down the road a little bit to retirement, and this is where they want to be."

Looking ahead, Paysen is predicting single digit increases in the average sales prices by this time next year.

Lynch says with signs pointing to a continuing strong and steady market for 2007, proper pricing will remain key.

"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 represents approximately 1,082 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:

Jennifer Lynch, 2007 President, 250-247-2088
Darrell Paysen, 2007 Past President, 748-5000
Drew Harris, Communications, 250-390-4212

Or, for further localized comments, please contact:

Campbell River:
Karol Power 286-3293

Comox Valley:
Martyn Douglas 897-3999 Ray Francis 897-3999

Duncan:
Cliff Moberg 746-6621 Darrell Paysen 748-5000

Nanaimo:
Subhadra Ghose 751-1223 Jennifer Lynch 247-2088
Jim Stewart 758-7653 Dave Thompson 751-1223

Parksville-Qualicum:
Ian Dewar 248-4321 Jim Hoffman 248-8371

Port Alberni:
Lyle Price 723-5666

# posted by VIREB @ 10:49 AM  

Van Island Realtors release 2006 MLS statistics

FOR IMMEDIATE MEDIA RELEASE
Jan 4, 2007

NANAIMO, BC – Multiple Listing Service (MLS) annual sales summary data released by the Vancouver Island Real Estate Board (VIREB) for 2006, shows a decline in volume while average sale prices continued to rise.

The average sale price across the VIREB region for 2006 was $274,699. This is a 16 per cent increase from the $235,648 posted at the end of 2005.

2007 President Jennifer Lynch, a REALTOR on Gabriola Island, says the market has settled into a much more normal pattern.

"2006 was a really solid year for real estate sales on Vancouver Island. In all VIREB zone areas the average price for 2006 surpassed 2005," she says.

"Now with a slight reduction in sales volume, and steady price increases, the market will shift towards more of a balance for buyers and sellers," Lynch explains, noting the pace of price increases slowed down towards the end of 2006.

Past President Darrell Paysen says there were no surprises in the numbers. "They came in just as predicted. We're heading into a much more sustainable market over the longer term."

Unit sales volumes in 2006 were down across the VIREB region by 8 per cent, finishing the year at 5,584, down from the 6,098 posted in 2005. Only Campbell River posted a small unit gain in 2006.

2006 annual average sale prices across VIREB's six zones: Campbell River increased 21 per cent (to $255,947), the Comox Valley was up 17 per cent (at $278,803), Nanaimo is up 14 per cent (to $288,880), Parksville/Qualicum grew 14 per cent (to $313,707), Port Alberni increased 25 per cent (to $183,963) and Duncan's increased 17 per cent (to $284,238).

VIREB Vice President Subhadra Ghose says continuing low interest rates are a good indicator.

"It's better for the young buyers to get into the market. We're seeing new subdivisions building up across the Nanaimo area and condos continue to sell," she says, noting the flow of buyers from Alberta continues as well.

In Port Alberni, VIREB Director Lyle Price says the local market is strong. "Port Alberni is being discovered as a great place to live, raise a family and retire. Prices are still lower than the rest of Vancouver Island and growth in areas like Sproat Lake continues to escalate."

In the Comox Valley, VIREB Director Marty Douglas says the real estate market will remain active. "I expect many forecasts for 2007 to be of the 'sunny with cloudy periods' variety. I believe sales will be comparable to 2005 and 2006 but with even more bias in favor of the buyer as we see rapidly rising inventories of more new developments."

Jim Stewart, a VIREB Director in Nanaimo, notes inquiries are continuing to come in. "It really shows how awareness of our region has grown. Baby boomers from all over are looking down the road a little bit to retirement, and this is where they want to be."

Looking ahead, Paysen is predicting single digit increases in the average sales prices by this time next year.

Lynch says with signs pointing to a continuing strong and steady market for 2007, proper pricing will remain key.

"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 represents approximately 1,082 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:

Jennifer Lynch, 2007 President, 250-247-2088
Darrell Paysen, 2007 Past President, 748-5000
Drew Harris, Communications, 250-390-4212

Or, for further localized comments, please contact:

Campbell River:
Karol Power 286-3293

Comox Valley:
Martyn Douglas 897-3999 Ray Francis 897-3999

Duncan:
Cliff Moberg 746-6621 Darrell Paysen 748-5000

Nanaimo:
Subhadra Ghose 751-1223 Jennifer Lynch 247-2088
Jim Stewart 758-7653 Dave Thompson 751-1223

Parksville-Qualicum:
Ian Dewar 248-4321 Jim Hoffman 248-8371

Port Alberni:
Lyle Price 723-5666

# posted by VIREB @ 10:49 AM  

Tuesday, December 05, 2006

Values trend continues upward, volume down

FOR IMMEDIATE MEDIA RELEASE
December 5, 2006

NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for November 2006, shows volume declines continuing while prices continue to go up.

The average sale price across the VIREB region for November 2006 was $293,048. This is a 9 per cent increase from the $266,954 posted at the end of November 2005, and a small decline from October 2006.

Unit sales volumes in November 2006 were down across the VIREB region by just over 5 per cent from November 2005.

VIREB President Darrell Paysen says it remains a more balanced and sustainable market.

"We're back to what we consider normal. We're continuing to see an upward trend in prices while unit volume is down," Paysen says. "There is less sense of urgency because of the greater available inventory of properties and we're now into the traditional slow down around the festive season."

Average sale prices across VIREB's six zones, from November 2005 to November 2006: Campbell River increased 15 per cent (to $273,898), the Comox Valley was up 11 per cent (at $282,344), Nanaimo is up 7 per cent (to $311,417), Parksville/Qualicum grew 3 per cent (to $323,975), Port Alberni increased 5 per cent (to $199,661) and Duncan's increased 16 per cent (to $321,847).

"The market has corrected and shifted away from a straight seller's market. What we're seeing now is opportunities for both sellers and buyers who are realistic in their expectations," Paysen explains.

"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."

Paysen says the outlook for the New Year is for more of the same.

"We're continuing to anticipate price increases in the 5 to 10 per cent per annum range, and a leveling off away from the record pace of the last few years," he says. "It will continue to be an active, sustainable market."

VIREB represents approximately 1,084 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.

# posted by VIREB @ 2:07 PM  

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).

- 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

# posted by VIREB @ 1:34 PM  

Tuesday, October 31, 2006

Commercial REALTORS call for property investment tax changes

FOR IMMEDIATE RELEASE
October 31, 2006

NANAIMO - The Chair of the Commercial Division of the Vancouver Island Real Estate Board (VIREB) is joining the call on the federal government to amend tax laws for real property investors.

"Commercial property investors currently face significant financial penalties when selling or expanding," explains Jay Cousins.

"REALTORS are calling for amendments to the Income Tax Act to promote the rollover of capital gains taxes and capital cost allowance, when an investor sells a property and reinvests in another property."

Cousins says a deferral of the capital gains tax and the capital cost allowance recovery would allow an investor the freedom to change asset classes, locations and /or sizes without penalty.

"Currently, investors are charged capital gains tax as soon as they sell a property. This really is a deterrent to the sale of many investor properties," he says, "because investors can choose to retain the asset instead of paying the tax."

This position was part of the submission to the House of Commons Standing Committee on Finance delivered by the Canadian Real Estate Association (CREA). VIREB will be lobbying the three area MPs directly before the end of November.

"Holding onto commercial and residential investment properties simply to avoid taxes is also disincentive to maintaining the overall quality of these holdings," Cousins says.

"What we're saying, is allowing property investors to sell their holdings and transfer the equity into other properties, while deferring the payable taxes, is an incentive to grow the economy.

"When a property owner reinvests the proceeds, no real economic gain has been realized that provides funds to pay the tax and they are simply retaining the invested money but in a different form."

The suggested timeline for reinvestment should have a provision for sales occurring late in the current tax year, to carry over into the next tax year.

CREA noted in its submission that the intent of the recommendation is to enhance national productivity by directly addressing the key factors weighing down the investment climate in Canada - high taxes, labour force mobility and the fact that the population must now be more financially self-reliant in retirement.

VIREB represents approximately 1,090 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).

- 30 -

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:

Jay Cousins, Chair, Commercial Division, 250-751-1223
Drew Harris, Communications, 250-390-4212

# posted by VIREB @ 3:41 PM  

Tuesday, October 24, 2006

REALTORS applaud Conde Nast: good market sign

FOR IMMEDIATE RELEASE
October 24, 2006

NANAIMO - The President of the Vancouver Island Real Estate Board (VIREB) is thrilled with news that top travel magazine Conde Nast has recognized Vancouver Island yet again.

"For the 7th year in a row, Vancouver Island was rated number one in the North American Island category. This is great news for everyone, including REALTORS," explains Darrell Paysen.

"The magazine is known throughout the travel world, with a circulation of 750,000," Paysen outlines. "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.

"This says a lot about the continuing strength of the real estate industry. The favorable view of Vancouver Island by the travel industry is also supported by how many buyers we're seeing coming from outside of the region."

VIREB's latest annual Buyer Profile of 2,100 purchasers (released in July 2006) showed almost 54 per cent were moving to Vancouver Island from outside of the area.

"11 per cent originated from Alberta, 8.9 per cent from Ontario, 9 per cent from Vancouver, 7.2 per cent from Victoria and 4.1 per cent from the Fraser Valley," Paysen explains. "10 per cent came from the rest of BC, 4.5 per cent originated from the rest of the world, 3.4 per cent from Saskatchewan/Manitoba and 2.3 per cent from the rest of Canada."

39 per cent were buying a retirement home.

The Conde Nast survey also named Vancouver as the top city in the Americas category. The poll divides cities into six geographical divisions including the Americas, which covers Canada, Central America and South America. Cities are scored on ambience, friendliness, culture and sites, restaurants, lodging, and shopping.

VIREB represents approximately 1,084 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).

- 30 -

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, 250-74

# posted by VIREB @ 11:52 AM  

Friday, October 13, 2006

Van Island REALTORS say BC housing strategy a good start

FOR IMMEDIATE RELEASE
October 4, 2006

NANAIMO, BC - The Vancouver Island Real Estate Board (VIREB) says the new BC housing strategy announced Tuesday is a "favorable first step".

"It targets those people most in need and that's a good start," says VIREB President Darrell Paysen.

"This follows up the messages BC REALTORS en masse delivered to Victoria last spring during the annual GL Days event. In meetings with MLAs, cabinet ministers, the Premier and Leader of the Opposition, we told them the province remains the least affordable region in Canada to purchase a home," he says.

"We reminded government that housing is the foundation of a solid economy, and that REALTORS are committed to working on access to affordable housing and rental accommodation to help people get ahead and communities to grow."

BC REALTORS started calling for a housing strategy in 2004.

The new announcement contains a mix of new spending, proven programs and some unique approaches that could assist as many as 15,000 low-income families and individuals.

Paysen adds: "This new announcement fits in nicely with the 'Quality of Life' program at the Vancouver Island Real Estate Board that puts a priority on supporting housing opportunities for all in our community.

"We believe housing and all related programs are a huge priority in BC. Government responsibilities are currently split between several Ministries and we'd like to see all housing responsibilities fall under one Minister," Paysen says.

"We look forward to further announcements that address BC's broad housing needs."

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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

# posted by VIREB @ 1:45 PM