The real estate market on the Coast was very active in 2016.
There were 952 detached homes sold. That’s 194 more than 2015’s total of 758; an increase of just over 25%. The increased activity was reflected in the Benchmark Price – that is, the price of an average home in an average area – which rose 26% last year, to $492,900. Strong demand, short supply, and a large price differential from Vancouver continue to put upward pressure on prices. Sales of vacant land went through the roof last year: 353 compared to 149 the year before. That’s an increase of over 135% and evidence that buyers are looking more toward vacant land as the shortage of detached listings persists. The Benchmark price for land is not available, but we feel there was an increase in the order of 15%. Sales of apartments and townhomes increased 34%, from 172 in 2015 to 231. The Benchmark price is also not available, but our guess is prices increased 15 - 20%. It’s interesting to note that, while sales of detached homes fell in the latter part of 2016, sales of attached housing did not. This shows the influence of retirees and indicates this sector will remain strong this year. Stay informed, stay in touch with your RE/MAX Oceanview Agent and keep reading the Weekly Report