The Vancouver Island Real Estate Board (VIREB) reports that in June 2017 the average price for single family home hit $510,900 that is up 29% from June 2016 at $396,481. 107 single-family properties sold on the MLS® in June 2017 compared to 130 in June 2016, a decrease of 18%. Overall inventory of single family homes hovers around 200 listings. It has not remained this low for years.
The Condo market is Hot! Hot! Hot! This is the only market segment we have seen an increase in inventory levels with 316 condos listed 12 months to date compared to 249 previously. Sales are up 61% 12 months to date with 262 sales compared to 169 . The average selling price for condos for June 2017 hit $253,902. As rents continue to rise investors are snapping up vacant & seller occupied units to rent out at current rental rates.
We have been in a seller’s market for months now with frustration from both Buyers and Sellers. Buyers concerned with lack of inventory, escalating prices & competitive bids & Sellers fearing the right “timing” and finding a place to buy once selling. Almost one third of the Buyers are now coming from Vancouver and the lower mainland so competition is fierce on those properties priced properly.
- Contrary to popular belief that all it takes is a sign on the lawn to sell a property at top $…. More important than ever to to work with an Agent that will AGGRESSIVELY market your property to secure you TOP dollar… Do not miss out on those “out of town, non- present cash buyers” who require comprehensive information at the push of a button….professional photos, virtual tours, floorplans, septic & water reports, readily available strata packages etc. to make an informed decision to purchase sight unseen.
- Price properly and know the market you are getting into on the Buying side.
- Check with your lender on recent Bank of Canada interest rate hike & how it impacts your purchasing power & confirm Pre-Approval
- Worth with an Agent who has their pulse on new inventory, savvy negotiation skills & will explain what to expect in this high stress purchase
- Ensure expectations and price point are in alignment & be as flexible as possible with dates & inclusions
- Know your limit and stay within it…
My two cents…
#1 Rule of Real estate… Location, Location, Location and the Comox Valley is where it is at.! A safe place to invest in the real estate market as it offers lifestyle, climate, affordability and infrastructure. Real estate across Canada is a hot commodity and the Comox Valley has now been discovered… they are coming.
Philippa Berg, Royal LePage Comox Valley
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