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Vancouver Island’s real estate market has become one of the hottest in the area. For those who are looking to buy a home here, there are plenty of opportunities to find something special. Of course, this area has plenty to offer today’s homebuyer including ample amenities, larger homes and exceptional access to the area’s outdoor attractions. But, what kind of market is present here?
Though many of today’s homeowners don’t realize it, Vancouver Island has quickly become a seller’s market. What does this mean? In short, it means that the area is seeing a significant number of interested buyers and the number of would be buyers is quickly outpacing the amount of supply, or available homes, in many areas.
A good way to see this is by looking at the number of homes that sold here. In April of 2016, there were 662 single family homes sold on the MLS system in Vancouver Island. In April of 2015, by contrast, there were 449 homes sold. That’s a significant increase – up 47 per cent over the previous year. When we look at how many homes are available for sale, you can also see the facts. The area had 1697 active listings at the end of April of 2016. And, by the end of April in 2015, there were 2,305 homes listed.
What does this mean for you as a home buyer? If you are looking to purchase a home on Vancouver Island right now, you will find a few things:
• There are homes for sale, but they are selling quickly. If you find one you want, you need to act fast to secure it.
• Home values are moving up as a direct response to this demand. That, in turn, is leading to improvement in your ability to sell later at a better price.
• You will find some areas such as Chilliwack, Kamloops, Lower Mainland and Victoria to be some of the most desirable areas in Vancouver itself, but Vancouver Island has some of the highest demand overall.
Where will you buy? Now is the time to look! Contact us today to find out how we can help.