by Dave Koszegi
on Monday, March 2nd, 2020 at 1:17pm.
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 example, REALTORS® in some zones are seeing multiple offers that benefit sellers, while other markets are more balanced. However, VIREB’s board-wide February sales are a positive sign that buyers are feeling optimistic as we head into spring, which is historically a busy time for real estate.
Another positive outcome is Minister of Finance Bill Morneau’s announcement regarding changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages. Guideline B-20, also known as the mortgage stress test, significantly reduced the purchasing power of some buyers and pushed others to the sidelines.
“The change to the stress test is a move in the right direction,” says 2020 VIREB president Kevin Reid. “Guideline B-20 compressed more demand into our mid- and lower-priced property market. Combined with limited inventory in that price range, many buyers couldn’t move ahead with their home purchase.” Whatever the market conditions are when it is time to buy or sell a home, consider obtaining the services of a local REALTOR®, who will help you determine an optimal selling price for your home and find a property that fits your budget. -