Vancouver Island Real Estate

There is a variety of real estate to choose from when looking for a property to purchase on Vancouver Island. The choices are different here, than on the east coast of Canada, as the weather is milder and the building materials that are used are most likely wood, hardy planking, stucco and concrete for exterior finishes.

Vancouver Island Homes and Lots

In today’s real estate market, the purchaser has a variety of products to choose from. One of most common products is a single family home, which is situated on its own lot with a yard. Typically, this type of real estate appeals mostly to a family, with more than two people living in the home. Sometimes purchasers choose their perfect lot and then build their own custom home on it.

Patio Homes, Duplexes and Townhouses

Other types of stand alone real estate on Vancouver Island include patio homes, which is a one-storey home that shares one wall with the same style of home on the other side; these two homes share the same lot. These types of homes are called patio homes or duplexes. Townhouses, also known as town homes are multi-family units, which can be built in row style, or with three to six units located in the same building, sharing the same lot.

Condominiums

Typically, buildings that hold condominiums are three to four storeys tall, built in a wood frame, or they are seven or more storeys tall, built in concrete. This type of real estate option is popular on Vancouver Island.

Vacation Units

Vacation Units offer the purchasers an opportunity to own Vancouver Island real estate without purchasing 100 per cent of the property. For instance, quarter share units are very popular now, with developers offering purchasers one-quarter of the vacation unit being offered and the purchasers than then use the vacation unit for twenty-five per cent of the time; in some cases the developer has also organized a rental pool so that the unit can be rented out.

Vancouver Island Real Estate Board

VIREB (Vancouver Island Real Estate Board) is a non profit organization, formed in the early 1950's and it is part of a three-tiered organizational structure involving both a national and provincial organization of realtors. VIREB keeps track of local Multiple Listing sales (MLS) and listings of properties and also keeps an eye to the future, assisting wherever possible with the orderly, well planned development of Vancouver Island.

Vancouver Island Real Estate Zones

Vancouver Island real estate sales are divided into six zones; Campbell River, Comox Valley, Parksville/Qualicum, Nanaimo, Cowichan Valley and Port Alberni and the West Coast, which covers the area of Tofino and Ucluelet. Real estate sales have been rising steadily on Vancouver Island during the past few years, as residents and investors continue to see the value in purchasing property on the West Coast of British Columbia. Prices rose 13% across Vancouver Island from 2006 to 2007 and prices are expected to rise in 2008, although at a slightly lower pace.

Average Sales Price

The cost of owning Vancouver Island real estate is considered to be extremely reasonable for a residence, especially when comparing the cost to similar real estate in Vancouver. For example, the average cost of owning a home (in 2007) in the following regions is:

Sound Investment in Vancouver Island Real Estate

In most areas of Vancouver Island, the number of real estate transactions are slightly lower than the same time period last year and in most cases, the average sales price is stabilizing. The results point to the conclusion that Vancouver Island real estate is a sound investment for both residents and visitors.

Vancouver Island

Vancouver Island Voted Top North American Island

Geographically, Vancouver Island is situated on the West Coast of Canada and it is located very close to both Vancouver and Seattle (by air, a 25 minute flight). Approximately 32,000 square kilometers in size, Vancouver Island is home to British Columbia’s capital city, Victoria, world renown for its beautiful hanging flower baskets, its horse-drawn carriages, its charm and history. Vancouver Island has been named the Top North American Island seven years in a row by the readers of the prestigious Conde Naste Traveler Magazine.

Location and Population

Almost the same length as Ireland, Vancouver Island is 460 kilometers (286 miles) long and 80 kilometers (50 miles) wide, boasting 3,440 kilometers (2,136 miles) of shoreline. The population of Vancouver Island is approximately 750,000, with city centres located in Victoria, Duncan, Nanaimo, Qualicum/Parksville, Comox, Courtenay and Campbell River.

Year Round Destination

Vancouver Island offers true West Coast hospitality, with its gorgeous scenery, pristine coastlines, lush old-growth forests, crystal rivers and lakes, mountains, farmland and culture. It offers a smorgasbord of activities to both residents and visitors alike, including marine adventures, wildlife viewing of whales, bears, eagles and seals, fishing, golfing, hiking, mountain biking, skiing, agri-tourism, garden tours and many other activities. The Pacific Rim of Vancouver Island is home to Tofino, Ucluelet and Long Beach, a ten kilometer beach of surf – swept sand, famous for its storm watching, surfing and nature trials through the surrounding rain forest. Vancouver Island is truly magnificent. Come and see for yourself.