Monday, August 14, 2006
Values up, volume down in July
FOR IMMEDIATE RELEASE
August 2, 2006
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for July 2006, shows values still rising with a slight leveling off of sales volumes.
The average sale price across the VIREB region increased to $304,487 at the end of July 2006. That's up 16 per cent from the $260,328 posted 12 months earlier at the end of July 2005.
Unit sales volumes across the VIREB region, from July 2005 to July 2006, were down by nearly 20 per cent.
VIREB President Darrell Paysen says the market is slowly adjusting.
"We're seeing overall there is an increase in inventory, a slight lowering of unit sales and values still rising," he says.
"With the release of our Buyer Profile in mid July, we know our region attracts a large number of buyers from the Lower Mainland, Victoria, Alberta and Ontario," Paysen outlines.
"The key reason continues to be affordability. The average price across the VIREB region continues to be substantially lower than Vancouver and Victoria by up to several hundred thousand dollars."
Paysen says working with a professional REALTOR who understands local conditions and is tapped into regional business networks is vital to pricing properties accurately.
"If homes are priced too high, there have been some price reductions. However, homes priced at market value and ready to move-in have been selling quickly within a reasonable length of time," Paysen outlines.
Average sale prices across VIREB's six zones, from July 2005 to July 2006: Campbell River increased 31 per cent (to $298,617), the Comox Valley increased 22 per cent (to $310,637), Nanaimo is up 13 per cent (to $318,716), Parksville/Qualicum grew 11 per cent (to $349,829), Port Alberni increased 37 per cent (to $200,644) and Duncan's increased 17 per cent (to $310,086).
Paysen says VIREB continues to support the view of industry analysts and economists. "They're now saying that with interest rates having peaked and strong employment, resale housing activity is predicted to remain strong into 2007-2008."
VIREB represents approximately 1,045 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, Communication, 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
August 2, 2006
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for July 2006, shows values still rising with a slight leveling off of sales volumes.
The average sale price across the VIREB region increased to $304,487 at the end of July 2006. That's up 16 per cent from the $260,328 posted 12 months earlier at the end of July 2005.
Unit sales volumes across the VIREB region, from July 2005 to July 2006, were down by nearly 20 per cent.
VIREB President Darrell Paysen says the market is slowly adjusting.
"We're seeing overall there is an increase in inventory, a slight lowering of unit sales and values still rising," he says.
"With the release of our Buyer Profile in mid July, we know our region attracts a large number of buyers from the Lower Mainland, Victoria, Alberta and Ontario," Paysen outlines.
"The key reason continues to be affordability. The average price across the VIREB region continues to be substantially lower than Vancouver and Victoria by up to several hundred thousand dollars."
Paysen says working with a professional REALTOR who understands local conditions and is tapped into regional business networks is vital to pricing properties accurately.
"If homes are priced too high, there have been some price reductions. However, homes priced at market value and ready to move-in have been selling quickly within a reasonable length of time," Paysen outlines.
Average sale prices across VIREB's six zones, from July 2005 to July 2006: Campbell River increased 31 per cent (to $298,617), the Comox Valley increased 22 per cent (to $310,637), Nanaimo is up 13 per cent (to $318,716), Parksville/Qualicum grew 11 per cent (to $349,829), Port Alberni increased 37 per cent (to $200,644) and Duncan's increased 17 per cent (to $310,086).
Paysen says VIREB continues to support the view of industry analysts and economists. "They're now saying that with interest rates having peaked and strong employment, resale housing activity is predicted to remain strong into 2007-2008."
VIREB represents approximately 1,045 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, Communication, 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
