(MLS®) annual sales summary data released by the Vancouver Island Real Estate Board (VIREB) for February 2008, shows unit sales are down 12 percent while the average sale price increased 11 percent.
The average sale price across the VIREB region for February 2008 was $346,648. This is an 11 per cent increase from the $313,207 posted at the end of February 2007.
President Subhadra Ghose says the volume of listings continues to grow. "We are heading into the spring season, which is a traditionally busy time. As a result we are seeing an increase in listings and we're expecting a more balanced market going into the rest of 2008."
Unit sales volume at the end of February 2008 was down 12 per cent from February 2007. For the period from the end of February 2007 to February 2008, average sale prices across five out of VIREB's six zones increased: Campbell River increased 16 per cent (to $310,722), the Comox Valley was up 7 per cent (at $332,845), Nanaimo is up 16 per cent (to $370,863), Parksville/Qualicum grew 10 per cent (to $416,460), Port Alberni declined 3 per cent (to $221,578) and the Cowichan Valley increased 12 per cent (to $377,233).
Ghose is cautiously optimistic about the market. "I think we will be seeing single digit increases throughout the rest of 2008. Consumer confidence is strong and interest rates remain low," she says.
"Our prices continue to be more affordable than Victoria and Vancouver. As always proper pricing continues to be key in this marketplace. As a member of their local real estate board, REALTORS ® have their finger on the pulse of the housing market. Consumers should contact their REALTOR ® if they are considering buying or selling a home."
VIREB represents approximately 1,185 licensed REALTOR® members in more than 85 member offices on Vancouver Island (north of Victoria).
VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighborhoods or account for price differential between geographic areas.
REALTOR® is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS® subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS® is a cooperative marketing system used by Canada's real estate boards.
For more information, please contact:
Drew Harris, Communications, 250-390-4212
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