For those considering the investment in real estate on Vancouver Island, there's good news. Things are looking quite promising for the area. The reports from November of 2015 show some significant improvement from the same time in 2014, showing that the market is returning and home values are growing. This is good news for anyone who wants to sell or buy a home on Vancouver Island in the coming months.
By the Numbers
According to a report from VIREB, the sale numbers for November fell slightly from October, but, when compared to a year prior, Vancouver Island real estate sales grew significantly. And, this helps to ensure the market will reach its target goals for the 2015 year. There were 351 single family homes sold in the area in November 2015, compared to just 299 in November of 2014. This is a 17 per cent increase. Also notable and important is that inventory levels are continuing in a downward trend. There is a 17 per cent drop in the number of homes available. This will ultimately help to spur home values in the area.'
Why Is There an Improvement?
Why are things looking good for Vancouver Island real estate? There are numerous reasons to be optimistic about the market here. First, employment levels have improved by 3.1 per cent in the area. Additionally, retail sales have grown by as much as 70 per cent. This is a strong market and that is a good thing for those planning to buy real estate here and watch it appreciate in value.
Are you in the market to purchase real estate on Vancouver Island? Buying real estate here provides for a few key benefits. First, home buyers will find the area's homes are still priced well and affordable. Second, the area's higher sales rates and value increases will help to make their investment a solid one for years to come. Many experts predict 2016 will continue this trend, as well.