Finding the ideal home to call your home on Vancouver Island isn't easy to do. The problem? There are numerous neighbourhoods and countless ideal locations to choose from. In most situations though, you will find the market offers plenty of reason to buy. Most of Vancouver Island offers both older homes as well as new construction. You can choose from homes that are single family, smaller properties and those that are estates, spanning thousands of square feet. It helps to get to know market conditions here, though, before making an investment.
Vancouver Island Home for Sale. Photo Provided by VIREB.
The Vancouver Island Real Estate Board, which is a part of the Canadian Real Estate Association provided some insight into market conditions on Vancouver Island. Their overall take on the market is good - it shows no signs of slowing down, providing home buyers and home sellers with the perfect conditions for investing.
According to their recent report from February of 2016, the market saw 407 homes sell within the month. This compares to just 282 in February of 2015. That equates to more than a 44% increase in sales for the month. In terms of home sales from January of 2016, February saw growth of 58%. There were about 1,527 homes as active listings on Vancouver Island during the month. This is down about 23% from the previous year, which shows that the market demand for the region is high. Home sales in the area are also good for townhouses and apartment rentals are up.
While individuals need to make their own decisions about whether or not now is the time to buy and move to Vancouver Island, the market offers a positive, long-term outlook. Agents in the area expect from the rest of the year to be strong, even with some months breaking sales records. This type of demand could indicate the ideal conditions for buying a home in the area and seeing its value grow in the short term.