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North Vancouver Island Real Estate Market Update for December 2020

The monthly North Vancouver Island Real Estate Market Update for December 2020 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last December in the North Vancouver Island were up 400% and up while the average days to sell was up by 567% from last December. The sales over the last 12 months are up by 11%, the market is strong.  

Single Family Detached homes is really causing upward price pressure. There is only 3 months of inventory in homes. The housing market remains strong. For apartments and townhouses inventory is much larger with 6.3 and 4.5 months respectively. We have seen significant gains in the latter half of the year but as we head into winter the numbers have tempered but not as much as expected.

• Single Family homes sales show rising average prices, the market is active and strong.  
• In the North Vancouver Island, the 12-month average price was $277,420, a 17% increase from one year ago.

“…low inventory continues to be the primary reason behind the weaker sales posted in November and December. The buyers are there, but the listings are not…Consumer demand is high, and buyers are snapping up well-priced properties quickly once they hit the market…Multiple offers are commonplace. Notwithstanding high demand, correctly pricing your home remains the key to a quick sale. Overpriced homes tend to linger in our area despite prevailing market conditions.” says VIREB president Kevin Reid

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
	The Average 12 Month to Date Sale Price increased by 17.01% from the previous 12 month period. The 12 Month to Date Average Sale Price was $277,420. There are 5.5 Months of Inventory of Single Family in North Vancouver Island. It is currently a Balanced Market. This month’s Inventory decreased to 33 Active Listings. There were 2 units listed and 6 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
	The Average 12 Month to Date Sale Price increased by 14.73% from the previous 12 month period. The 12 Month to Date Average Sale Price was $105,395. There are 6 Months of Inventory of Lots in North Vancouver Island. It is currently a Soft Buyers Market. This month’s Inventory decreased to 30 Active Listings. There were 2 units listed and 5 units sold.
Apartment Condos
	The Average 12 Month to Date Sale Price increased by 34.37% from the previous 12 month period. The 12 Month to Date Average Sale Price was $75,096. There are 1.5 Months of Inventory of Condos (Apt) in the North Vancouver Island. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 12 Active Listings. There were 2 units listed and 8 units sold.
Townhouse & Patio Condos
	The Average 12 Month to Date Sale Price increased by 16.19% from the previous 12 month period. The 12 Month to Date Average Sale Price was $114,300. There are 8 Months of Inventory of Condos (Twnhse & Patio) in the North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory decreased to 8 Active Listings. There were 0 units listed and 1 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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PropertyGuys.com on Vancouver Island

PropertyGuys.com delivers premium real estate marketing services to help Vancouver Islanders sell their homes and keep more money in their pockets. PropertyGuys.com price their services at a level that makes sense, and do not price as a percentage of your home’s sale price. PG Direct Realty Ltd. is PropertyGuys.com’s brokerage partner and they help home sellers every step of the way from listing, showings, offers and SOLD! PG Direct Realty Ltd will also help you purchase a home, just call PropertyGuys.com at 778 557 8596 and see how PropertyGuys.com and our partner PG Direct Realty Ltd. can help you buy & sell real estate on Vancouver Island delivering a premium service while still saving you a lot of money!

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North Vancouver Island Real Estate Market Update for November 2020

The monthly North Vancouver Island Real Estate Market Update for November 2020 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last November in the North Vancouver Island were up 92% and up while the average days to sell was up by 30% from last November. The sales over the last 12 months are up by 7.78%, the market is strong.  

Single Family Detached homes is really causing upward price pressure. There is only 3 months of inventory in homes. The housing market remains strong. For apartments and townhouses inventory is much larger with 6.3 and 4.5 months respectively. We have seen significant gains in the latter half of the year but as we head into winter the numbers have tempered but not as much as expected.

• Single Family homes sales show rising average prices, the market is active and strong.  
• In the North Vancouver Island, the 12-month average price was $273,423, a 15 increase from one year ago.

“Despite what may be the worst recession in B.C. history, the housing market had a record fall season, and prices are rapidly rising as pent-up demand floods into an under-supplied market, … As that pent-up demand from the loss of a spring season fades, sales will likely slow from their current pace, but activity is expected to remain strong as record-low mortgage rates and a recovering economy continue to drive sales.” says BCREA.

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
	The Average 12 Month to Date Sale Price increased by 15.16% from the previous 12 month period. The 12 Month to Date Average Sale Price was $273,423. There are 3.08 Months of Inventory of Single Family in North Vancouver Island. It is currently a Soft Sellers Market. This month’s Inventory decreased to 40 Active Listings. There were 10 units listed and 13 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
	The Average 12 Month to Date Sale Price increased by 15.39% from the previous 12 month period. The 12 Month to Date Average Sale Price was $107,853. There are 4.86 Months of Inventory of Lots in North Vancouver Island. It is currently a Balanced Market. This month’s Inventory remained the same to 34 Active Listings. There were 7 units listed and 7 units sold.
Apartment Condos
	The Average 12 Month to Date Sale Price increased by 36.12% from the previous 12 month period. The 12 Month to Date Average Sale Price was $73,944. There are 6.33 Months of Inventory of Condos (Apt) in the North Vancouver Island. It is currently a Soft Buyers Market. This month’s Inventory increased to 19 Active Listings. There were 6 units listed and 3 units sold.
Townhouse & Patio Condos
	The Average 12 Month to Date Sale Price increased by 12.21% from the previous 12 month period. The 12 Month to Date Average Sale Price was $113,706. There are 4.5 Months of Inventory of Condos (Twnhse & Patio) in the North Vancouver Island. It is currently a Balanced Market. This month’s Inventory decreased to 9 Active Listings. There were 1 units listed and 2 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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PropertyGuys.com on Vancouver Island

PropertyGuys.com delivers premium real estate marketing services to help Vancouver Islanders sell their homes and keep more money in their pockets. PropertyGuys.com price their services at a level that makes sense, and do not price as a percentage of your home’s sale price. PG Direct Realty Ltd. is PropertyGuys.com’s brokerage partner and they help home sellers every step of the way from listing, showings, offers and SOLD! PG Direct Realty Ltd will also help you purchase a home, just call PropertyGuys.com at 778 557 8596 and see how PropertyGuys.com and our partner PG Direct Realty Ltd. can help you buy & sell real estate on Vancouver Island delivering a premium service while still saving you a lot of money!

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North Vancouver Island Estate Market Update for October 2020

The monthly North Vancouver Island Real Estate Market Update for October 2020 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last October in North Vancouver Island were up 192% and up while the average days to sell decreased overall by 12% from last October. The sales over the last 12 months are up by 9%, the market is strong but sales are swift and decreasing inventory inventory.  

Swift sales in the latter half of the year is causing upward price pressure. The housing market remains strong. We have seen significant gains but as we head into fall the numbers have tempered, with October posting a marginal rise.

The Single Family statistics for this month point to rising average prices in both the Comox Valley and Campbell River. The market is still quite active.

•  Single Family homes sales show rising average prices, the market is active and strong.  
• In North Vancouver Island, the average 12-month price reached $265,360, up by nine percent from one year ago. 

“Demand in the VIREB area continues to be high, but there just aren’t enough homes to satisfy it… Active listings of single-family detached properties (excluding acreage and waterfront) were 733 in October compared to 909 in September. There were 333 condo apartments and 197 row/townhouses for sale last month, down 14 per cent and three per cent, respectively, month over month…We don’t know if it’s a long-term trend, but we have noticed that some of the demand includes buyers who are advancing their retirement plans while others are downsizing and reducing their debt load,” says VIREB president Kevin Reid

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
	The Average 12 Month to Date Sale Price increased by 9.07% from the previous 12 month period. The 12 Month to Date Average Sale Price was 265360. There are 2.75 Months of Inventory of Single Family in North Vancouver Island. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 44 Active Listings. There were 11 units listed and 16 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
	The Average 12 Month to Date Sale Price increased by 17.94% from the previous 12 month period. The 12 Month to Date Average Sale Price was $108,813. There are 3.8 Months of Inventory of Lots in North Vancouver Island. It is currently a Soft Sellers Market. This month’s Inventory decreased to 38 Active Listings. There were 4 units listed and 10 units sold.
Apartment Condos
	The Average 12 Month to Date Sale Price increased by 32.41% from the previous 12 month period. The 12 Month to Date Average Sale Price was $71,089. There are 5.33 Months of Inventory of Condos (Apt) in the North Vancouver Island. It is currently a Balanced Market. This month’s Inventory remained the same to 16 Active Listings. There were 3 units listed and 3 units sold.
Townhouse & Patio Condos
	The Average 12 Month to Date Sale Price increased by 12.36% from the previous 12 month period. The 12 Month to Date Average Sale Price was $113,856. There are 2.5 Months of Inventory of Condos (Twnhse & Patio) in the North Vancouver Island. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 15 Active Listings. There were 4 units listed and 6 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 a real estate agent with PG Direct Realty Ltd. on Vancouver Island. Gordon is a market expert who loves helping people sell their own homes and save tens of thousands of dollars.

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North Vancouver Island Estate Market Update for September 2020

The monthly North Vancouver Island Real Estate Market Update for September 2020 shows compared to a year ago, September 2019, an increase in sales for the entire local area. Overall residential sales from last September in North Vancouver Island were up 100% and up while the average days to sell increased overall by 131% from last September. The sales over the last 12 months are down by 14%, the market is strong but sales are slow with large inventory.  

While the housing market remains strong, price-gain increments appear to be diminishing. We have seen significant gains but as we head into fall the numbers have tempered, with September posting a marginal rise.

•  Single Family homes sales show rising average prices, the market is active and strong.  
• In North Vancouver Island, the average 12-month price reached $267,153, up by ten percent from one year ago. 

“The strength of our housing market has surprised us somewhat. We frankly did not expect it to recover so quickly from the COVID-19 effect. While some area buyers are motivated by a desire for more space, COVID-19 has accelerated lifestyle changes for some consumers.  Our market is quite fluid right now, which makes it difficult to determine trends, but we have noticed that some buyers are advancing their retirement plans due to the pandemic. Economic uncertainty is motivating other consumers to downsize and reduce their debt load. Correctly pricing your home is the key to a quick sale and may even result in multiple offers. Overpriced properties tend to linger whether we are in a buyers’ or sellers’ market.” says VIREB president Kevin Reid

BCREA expects unit sales on Vancouver Island to hit 8,300 in 2021, a 15 percent increase over the 7,200 sales projected this year.

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
	The Average 12 Month to Date Sale Price ↑ increased by 10.56% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was 267153. There are 4.82 Months of Inventory of Single Family in North Vancouver Island. It is currently a Balanced Market. This month’s Inventory increased to 53 Active Listings. There were 17 units listed and 11 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
	The Average 12 Month to Date Sale Price ↓ decreased by 19.99% ↓ from the previous 12 month period. The 12 Month to Date Average Sale Price was $100,713. There are 4.4 Months of Inventory of Lots in North Vancouver Island. It is currently a Balanced Market. This month’s Inventory decreased to 44 Active Listings. There were 7 units listed and 10 units sold.
Apartment Condos
	The Average 12 Month to Date Sale Price ↑ increased by 35.27% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $71,374. There are 6.33 Months of Inventory of Condos (Apt) in the North Vancouver Island. It is currently a Soft Buyers Market. This month’s Inventory decreased to 19 Active Listings. There were 1 units listed and 3 units sold.
Townhouse & Patio Condos
	The Average 12 Month to Date Sale Price ↑ increased by 6.06% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $107,427. There are 9 Months of Inventory of Condos (Twnhse & Patio) in North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 18 Active Listings. There were 4 units listed and 2 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.

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North Vancouver Island Real Estate Market Update for August 2020

The monthly North Vancouver Island Real Estate Market Update for August 2020 shows compared to a year ago, August 2019, a decrease in sales for the entire local area. Overall residential sales from last August in North Vancouver Island were up 16% and up while the average days to sell decreased overall by 72% from last August. The sales over the last 12 months are down currently 21%, the market is slow but strong.  

The Single Family statistics for this month point to rising average prices in both the North Vancouver Island. The market is slow at times.

•  Single Family homes sales show rising average prices, the market is slow but strong.  
• In North Vancouver Island, the average single-family 12-month price reached $261,728, up by eleven percent from one year ago. 

“Our housing market rebounded from the COVID-19 downturn far more quickly than expected. Pent-up demand, low-interest rates, and persistent supply shortages are
fueling the recovery.” VIREB president Kevin Reid.

“The outlook for the B.C. housing market is much brighter following a surprisingly strong recovery. We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.” Brendon Ogmundson, BCREA Chief Economist.

BCREA expects unit sales on Vancouver Island to hit 8,300 in 2021, a 15 percent increase over the 7,200 sales projected this year.

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
	The Average 12 Month to Date Sale Price ↑ increased by 11.2% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was 261728. There are 5 Months of Inventory of Single-Family in North Vancouver Island. It is currently a Balanced Market. This month’s Inventory increased to 50 Active Listings. There were 24 units listed and 10 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
	The Average 12 Month to Date Sale Price ↓ decreased by 40.96% ↓ from the previous 12 month period. The 12 Month to Date Average Sale Price was $77,455. There are 7.83 Months of Inventory of Lots in North Vancouver Island. It is currently a Avg. Buyers Market. This month’s Inventory decreased to 47 Active Listings. There were 3 units listed and 6 units sold.
Apartment Condos
	The Average 12 Month to Date Sale Price ↑ increased by 29.18% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $67,821. There are 11 Months of Inventory of Condos (Apt) in the North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 22 Active Listings. There were 5 units listed and 2 units sold.
Townhouse & Patio Condos
	The Average 12 Month to Date Sale Price ↑ increased by 1.19% ↑ from the previous 12 month period. The 12 Month to Date Average Sale Price was $102,489. There are 9 Months of Inventory of Condos (Twnhse & Patio) in the North Vancouver Island. It is currently a Strong Buyers Market. This month’s Inventory increased to 18 Active Listings. There were 4 units listed and 2 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.