April 3, 2007
Van Island
REALTORS® report hikes in March
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.