Real Estate Blog

As published in Vancouver Island Daily by Nora O'Malley

A coastal haven owned by the family of ’90s TV star is up for grabs on Vancouver Island. Terrace Beach Resort, a commercial offering of 21 suites and cabins next to Ucluelet’s world-famous Wild Pacific Trail, was recently listed for $4,495,000. The Priestley Family — Norma, Lorne and son Jason of Beverly Hills 90210 fame — have been welcoming guests to their vacationer’s oasis for the past 20 years. “We are selling for simple reasons. We are getting older. Retirement age of 65 is long past,” said Lorne and Norma Priestley in an email to the VI Free Daily.

Port Alberni-based realtor Dave Koszegi is working with the Priestleys to find the right buyer. “There is nothing available like it. It’s

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The COVID-19 effect on VIREB’s housing market seemingly wore off in June, with sales rebounding significantly from May and posting year-over-year increases in most markets. Last month, 479 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 246 in May 2020 and 406 one year ago.

Sales of apartments increased by three per cent year over year but were 59 per cent higher than in May. Townhouse sales rose by three per cent year over year and were up by 118 per cent from May 2020. Inventory of single-family homes last month dipped by 23 per cent year over year (1,598 to 1,224). Active listings of apartments rose by 22 per cent (353 to 431) year over year, while townhouse inventory dipped by three per cent (189 to 183).

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While COVID-19 had a significant impact on the Vancouver Island Real Estate Board’s (VIREB) housing market in April, the board’s May numbers indicate that the market may already be recovering.

Last month, 246 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 189 in April 2020 and 456 in May 2019. Sales of apartments decreased by 56 per cent year over year but were significantly higher than in April, with 44 properties changing hands compared to 17 the previous month. Townhouse sales dropped by 70 per cent year over year but rose by 65 per cent from April. Inventory of single-family homes last month dipped by 14 per cent year over year (1,486 to 1,282). Active listings of apartments rose by 21 per cent (339 to 410) year

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Wonder what’s happening in our local Real Estate market? All of us at the Dave Koszegi Group are continuing to support Real Estate transactions here in the Alberni Valley as safely and effectively as possible (keeping the health and well-being of our community as our number one priority).

As you know, our government has recognized real estate as an essential service so not only do we have an obligation to honour existing contracts so housing is provided, but life events continue to happen during this time so the exchange of real estate is deemed essential.

We are diligently following guidelines from the federal government, the Canadian Real Estate Association (CREA) and our local board to ensure we operate in a manner that is safe for the wellbeing

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All of us at the Dave Koszegi Group wanted to let you know that we continue to support real estate transactions during the COVID-10 outbreak. Our government has explicitly named real estate as an essential service. Not only do we have an obligation to honour existing contracts so housing is provided but life events continue to happen during this time so the exchange of real estate is deemed essential.  

We are following guidelines from the federal government, the Canadian Real Estate Association (CREA) and our local board to ensure we operate in a manner that is safe for the wellbeing of our colleagues, clients, neighbours, friends and families.

This means, like many of you, we are mostly working virtually and limiting travel and face to face

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The COVID-19 health crisis will undoubtedly dampen the provincial housing market, but the Vancouver Island Real Estate Board (VIREB) reports that the virus had little impact on March sales.

In Port Alberni, the benchmark price of a single-family home in March came in at $328,300 which increased by 2.2% from February and 12% compared to March of last year. This is a significant increase especially when you compare it to other regions on Vancouver Island which have an average growth of only 3.6% and the closest other community in the region is Campbell River at 4.7%.

In the apartment category, the year-over-year benchmark price rose by 9.6%, hitting $381,500 with a 2.5% increase form the month prior. The benchmark price of a townhouse rose just over 2

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The entire Vancouver Island Region saw a big uptick in home sales in February and in particular, Port Alberni Real Estate saw a 53% increase in home sales compared to January.

In Port Alberni, the benchmark price of a single-family home in February came in at $321,100 which dropped two percent since December and but overall prices went up 4.35% from February last year.  

In the apartment category, the year-over-year benchmark price rose by 3.6%, hitting $176,900 and rose 2.59% from the month prior. The benchmark price of a townhouse rose by 5.63% year over year, climbing to $196,500, and rose close to two percent compared to the month prior.

 

Due to VIREB’s broad geographic area, what is a trend in one market may not be in another. For

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In Port Alberni, the benchmark price of a single-family home in January came in at $328,900 which rose marginally from December and a grew 9.65% from January last year. Compared to the board-wide average at only 4%, this is a significant increase for all of Vancouver Island. 

 

In the apartment category, the year-over-year benchmark price rose by five per cent, hitting $172,400 with a three percent drop form the month prior. The benchmark price of a townhouse rose by 2.79% year over year, climbing to $192,800, and was virtually the same as in December. 

 

Trend wise, inventory is tightening again, which is one of the factors behind weaker sales. REALTORS® are reporting that there is keen interest among buyers. However, reduced purchasing

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Across Vancouver Island sales of single-family homes in December increased by 40 per cent from one year ago and were 24 per cent lower than in November. Last month, 237 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 312 in November and 169 one year ago. Apartment sales in December rose by 68 per cent year over year, while the number of townhouses sold dropped by 20 per cent from one year ago. Annual sales of singlefamily homes in 2019 totalled 4,119, a nine per cent drop from 2018’s 4,539 sales. Inventory of single-family homes last month was virtually the same as in December 2018 (937 to 934) but dipped by 19 per cent from November 2019. Active listings of apartments rose by 10 per cent (270 to 298) year

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NANAIMO, BC – Sales of single-family homes in October dropped by 11 per cent from 2018 and were virtually the same as in September. Apartment and townhouse sales dipped by nine per cent and 22 per cent, respectively. Last month, 343 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 345 the previous month and 384 in October 2018.

In the apartment category, 88 units sold last month, while 42 townhouses changed hands. Inventory of single-family homes in October rose by 14 per cent from one year ago (1,173 to 1,333). Active listings of apartments increased by 16 per cent (322 to 373) year over year while townhouse inventory dropped by 21 per cent (167 to 132). The benchmark price of a single-family home board-wide was

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