Vancouver Island Real Estate Board Reports a Balanced Market

Posted: Sep 04, 2010

Sale Prices for Vancouver Island Real Estate Increased in Port Alberni within a 12-Month Period   

The sales summary data from the Multiple Listing Service for August 2010, released by the Vancouver Island Real Estate Board (VIREB) indicates a decline in Vancouver Island unit sales in comparison to 2009, but the numbers are very close to 2008.

In August 2010, there were a total of 320 Vancouver Island single family properties sold in the VIREB area. This number is down 38% from the 516 sold in August 2009; but is mirroring the August of 2008 numbers, wherein there were sales of 327 Vancouver Island homes.

The numbers of newly listed Vancouver Island properties continues to slow down with only 653 single family homes coming on the market in August, as compared to 745 Vancouver Island homes being listed in July.

Cliff Moberg, VIREB President says that the number of Vancouver Island homes sold, are better than expected and that pricing seems to be firm.

The average sale price based on a 12-month average across the VIREB region for August 2010 was $335,775; this indicates a 1% increase from the $332,090 posted a year ago.

From the end of August 2009 to August 2010, the average sale prices for Vancouver Island real estate across VIREB's six zones rose in all but one market:

• Campbell River increased 2 % to $286,653;
• The Comox Valley was up 4% to $325,369;
• Nanaimo slipped 1% to $349,974;
• Parksville/Qualicum was up 3% to $390,562;
• Port Alberni grew 18 % to $266,028; and
• The Cowichan Valley inched up 1% to $366,502.

To read more on Vancouver Island real estate sales visit VIREB.

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