North Vancouver Island Real Estate Market Update

North Vancouver Island Market Update for January 2020

 
By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island

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North Vancouver Island Market Update for January 2020

The monthly North Vancouver Island Market Update for January 2020 shows, “Trend wise, inventory is tightening again, which is one of the factors behind weaker sales. Reports show there is keen interest among buyers. However, reduced purchasing power due to Guideline B-20 and limited supply in their price range are pushing them to the sidelines. The stress test is compressing more demand into our mid- and lower-priced property market. Lack of inventory in that price range is certainly curtailing some buyers from moving ahead with their home purchase. Unfortunately, without new construction, this gridlock may just be the new normal.” says Kaye Broens, 2019 VIREB President.

Source: Vancouver Island Real Estate Board – MLS® Statistics 

Single Family Homes
Single Family - North Vancouver Island Real Estate Market - Jan 20 The Average Sale Price this year ↑ increased by 6% ↑ from last year. This year’s Average Sale Price was $227,671. There are 8.4 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 11 units listed and 5 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 Real Estate Market - Jan 20 The Average Sale Price this year ↓ decreased by 3% from last year. This year’s Average Sale Price was $34,175. There are 23 Months of Inventory of Lots in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory decreased to 23 Active Listings. There were 0 units listed and 1 units sold.
Apartment Condos
Apartment Condo - North Vancouver Island Real Estate Market - Jan 20 The Average Sale Price this year ↓ decreased by 6% from last year. This year’s Average Sale Price was $56,462. There are 14 Months of Inventory of Condos (Apt) in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 14 Active Listings. There were 5 units listed and 1 units sold.
Patio Condos
No Patio Condos Sold
Townhouse Condos
Townhouse Condo - North Vancouver Island Real Estate Market - Jan 20 The Average Sale Price this year ↑ increased by 6% ↑ from last year. This year’s Average Sale Price was $102,767. There are 1.67 Months of Inventory of Condos (Twnhse) in North Vancouver Island. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 5 Active Listings. There were 1 units listed and 3 units 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.

Posted in Real Estate Market Reports.

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