8 May 2008
Markets on the Island
Posted by Ryan Coffey under: Nanaimo Real Estate Market .
I came across this on the www.web.bcnewsgroup.com site this morning. I keep putting up info on the markets because it is an ever evolving process and I know it’s something that people like to read about, however I do feel the need to reiterate that if you are a real estate investor, then this is something you should certainly be paying attention to. If, however, you are like most people and are simply in need of a new home, then the best time to buy is always when you are financially ready. Prices rise in the long term and fluctuate in the short term. Plus, when you sell one home and move into another (in the same town/market) changes in value in what you own will be mirrored by what else is out there.
Granted, you could split hairs on which exact location will go up more compared to the others in the long term, but then location is only one of many factors in the value of a home. Having said that, the area around Nanaimo’s downtown is certainly poised for growth at the moment, but back to my original point, if its a home that you want to buy, then you have to ask yourself if this is the spot for you. Everyone’s tastes and needs are a little different.
Ryan Coffey
Resale market robust, starts wane
Real estate sales and prices rose in Victoria and across Vancouver Island in March, especially for single family homes. Housing starts, however, fell, except in Nanaimo.
The average price of residential homes in Greater Victoria rose from $587,000 in February to $597,000 in March, the Greater Victoria Real Estate Board reported, while 374 units were sold in March, compared with 295 the month before. However, condo units decreased slightly in price and number of units sold.
In the rest of the island, the Nanaimo-based Vancouver Island Real Estate Board reported, the number of units sold rose slightly from February (though it fell from March of 2007) while prices rose both over the year and from February to March. In Campbell River the price of homes fell while the number sold increased from February, from 36-46. In Port Alberni, they did the same. In Nanaimo, however, while units sold fell only by one, the average price rose from $343,000 to $370,000. Parksville saw a slight increase in numbers sold but a drop in price from $416,000 to $367,000. Comox saw a jump in units sold from 53 to 76, while the average price frose lsighly from $332,000 to $336,000.
Housing starts rose in March from the same month a year ago on Vancouver Island overall, from 250 to 287, but the increase, largely in the Nanaimo market, was not enough to show a rise overall for the first three months of the year. Across the Island, for the first quarter, housing starts fell from 952 in 2007 to 881 this year. In Victoria the decrease was from 468 to 391 for the three-month period. The Duncan, Parksville and Courtenay markets also fell in home starts. Nanaimo alone saw growth, from 165 to 247, bucking the provincial trend downward also. BE
