by Dave Koszegi
on Monday, February 3rd, 2020 at 9:49am.
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 power due to Guideline B-20 and limited supply in their price range are pushing them to the sidelines. “The stress test is compressing more demand into our mid- and lower-priced property market. Lack of inventory in that price range is certainly curtailing some buyers from moving ahead with their home purchase,” says Broens. “Unfortunately, without new construction, this gridlock may just be the new normal.” Broens also adds that the recent release of home assessments tends to create confusion for consumers, who are not always aware that the assessed figure is based on data that is several months old and may not reflect current market value.
“Whether you’re a buyer or seller, a REALTOR® can help you cut through the fog of confusion around home prices,” says Broens. “We have access to tools and market analytics that will help us determine an optimal selling price for your home and find a property that fits your budget.”