January 2019 Vancouver Island Real Estate Statistics
The B-20, also know as the Mortgage Stress Test has taken a heavy toll on housing sales across the province including Vancouver Island. The sales of single-family homes dropped by 28% in January this year as compared to a year ago, however, it did rise by 23% as compared to December 2018. In January 2019, approximately 209 single-family homes sold on the Multiple Listing Service (MLS) System which was lower than the 290 homes sold last year, however higher than the 170 homes sold in December 2018. Sale of apartments was 20% lower than January 2018 while approximately 34 townhouses were sold as compared to the 33 sold last year.
On the other hand, there was a rise in inventory of single-family homes by 32% in January as compared to last year and nearly 5% higher than December. Inventory of single-family homes was 987 last month as compared to 748 in January 2018. Active listings of apartments climbed up by nearly 38% (219 to 303) year over year and a 60% increase from 103 to 165 for townhouses. As expected, and predicted, the 2018 housing market moderated after a record setting pace it set in 2016 and 2017. This shows that the new mortgage stress tests eroded the purchasing power of many prospective home buyers by nearly 20%.
Despite the low demand, year over year benchmark prices of single-family homes continue to rise around 9% from January 2018. If we look at the individual markets, price increases ranged from 5% in Nanaimo to approximately 17% in Port Alberni. In other parts of the island like Campbell River, Comox Valley and Parksville-Qualicum saw modest month on month price reductions. On the other hand, prices in Nanaimo, Duncan and Port Alberni increase slightly from December 2018. The benchmark prices of apartments and townhouses board wide increased by 11% and 10% respectively as compared to last year.
In January, the benchmark price (value of a typical home in a certain area) of single-family homes board wide, was approximately $504,500 which was 9% more than a year ago and slightly lesser than December 2018. In terms of apartments, benchmark prices rose to $318,800, which was marginally lesser than December 2018, however 11% more as compared to last year. In the townhouse category, benchmark prices rose by 10% as compared to last year, now hitting $407,600. Like the other categories, benchmark prices of townhouses were marginally lesser as compared to December.
Last month, the benchmark price of a single-family home in the Campbell River area hit $412,300, an increase of 12 per cent over January 2018. In the Comox Valley, the benchmark price reached $498,000, up nine per cent from last January. Duncan reported a benchmark price of $469,400, up 10 per cent from January 2018. Nanaimo’s benchmark price rose five per cent to $541,700 while the Parksville-Qualicum area saw its benchmark price increase by 12 per cent to $579,800. The cost of a benchmark single-family home in Port Alberni reached $302,700 in January, up 17 per cent from one year ago.
Here are the stats briefly summarized:
At Oceanvale Mortgage & Finance, we work towards getting you the right mortgage and a stress-free home buying experience in the midst of the mortgage stress tests! Reach out to us to learn more!
Stats from VIREB