North Vancouver Island Real Estate Market Update
 
By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island

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North Vancouver Island Market Update for February 2020

The monthly North Vancouver Island Market Update for February 2020 and the cyclical property market trend shows not only have we been due for a correction for some time but that we might actually be in that correction.  In January sales were sharply off. In February inventory levels have risen and sales are still depressed making it a very strong buyer’s market. 

However, in the south Vancouver Island February sales are a positive sign that buyers are feeling optimistic as we head into spring, which is historically a busy time for real estate. Another positive outcome is Minister of Finance Bill Morneau’s announcement regarding changes to the
benchmark rate used to determine the minimum qualifying rate for insured mortgages. Guideline B-20, also known as the mortgage stress test, significantly reduced the purchasing power of some buyers and pushed others to the sidelines.

“The change to the stress test is a move in the right direction,” says 2020 VIREB president Kevin Reid. “Guideline B-20 compressed more demand into our mid- and lower-priced property market. Combined with limited inventory in that price range, many buyers couldn’t move ahead with their home purchase.”

Hopefully some of this positivity will translate into the market picking up in North Vancouver Island. 

Source: Vancouver Island Real Estate Board – MLS® Statistics 

Single Family Homes
Single Family - North Vancouver Island Market Stats - Feb 2020 The Average Sale Price this year ↑ increased by 8% ↑ from last year. This year’s Average Sale Price was $231,626. There are 14 Months of Inventory of Single Family in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 42 Active Listings. There were 8 units listed and 3 units sold.

PLEASE NOTE: SINGLE FAMILY property does NOT INCLUDE acreage with a house, condominiums, duplex/triplex, mobile homes/on a pad, single-family waterfront or single-family strata. LOTS do NOT INCLUDE acreage or waterfront acreage.
Lots
Lot - North Vancouver Island Market Stats - Feb 2020 The Average Sale Price this year ↑ increased by 11% ↑ from last year. This year’s Average Sale Price was $37,625. There are 11 Months of Inventory of Lots in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory decreased to 22 Active Listings. There were 1 units listed and 2 units sold.
Apartment Condos
Apartment Condo - North Vancouver Island Market Stats - Feb 2020 The Average Sale Price this year ↓ decreased by 2% from last year. This year’s Average Sale Price was $57,991. There are 15 Months of Inventory of Condos (Apt) in the North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 15 Active Listings. There were 3 units listed and 1 units sold. 
Patio Condos
No Patio Condos Sold
Townhouse Condos
No Townhouse Condos Sold

Market Legend

  • Seller’s Market – In a seller’s market, conditions are favorable for sellers to get higher prices for their homes. The number of buyers who want homes exceeds the number of homes available. In this type of market, the homes sell quickly, prices will increase, and a large number of buyers are available for a minimal inventory of homes. These characteristics have implications for the buyer who has to make decisions quickly, must pay more, and frequently has their conditional offers rejected.
  • Balanced Market – In a balanced market, the number of homes on the market is equal to the demand or number of buyers. Houses sell within a reasonable period, the demand equals supply, sellers accept reasonable offers, and prices are generally stable. The implications for the buyer in this type of market are that the atmosphere is more relaxed. There is a reasonable number of homes from which to choose.
  • Buyer’s Market – A buyer’s market allows buyers to come in at lower prices. The supply of homes on the market exceeds the demand or the number of buyers. Homes will be on the market longer, fewer buyers will be available compared to the higher inventory of homes, and house prices are reduced. The implications for the buyers in this type of market are more favorable, negotiating leverage, more time to search for a home, and better prices.

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Meet Gord

Gord is the owner of PropertyGuys.com in the Comox Valley & North Vancouver Island. Gordon is a private sales expert who loves helping people sell their own homes and save tens of thousands of dollars. He has created this website to help others sell their homes privately. For more information, download his free Guide to Selling Without an Agent.

PropertyGuys.com has developed a system that has helped over 90,000 private home sellers in Canada to sell their homes successfully. PropertyGuys.com is the largest private home sales network in Canada.

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