MonthlyStatistics DECEMBER 2017

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1 MonthlyStatistics DECEMBER 2017

2 FOR IMMEDIATE RELEASE January 2, 2018 VIREB Posts the Strongest December on Record NANAIMO, BC The Vancouver Island Real Estate Board (VIREB) reports that on a seasonally adjusted basis, the board had its busiest December on record, with 667 housing units changing hands last month. Sales of single-family homes increased by 35 per cent from December Annually, 5,612 single-family homes sold on the Multiple Listing Service (MLS ) System in 2017 compared to 6,059 the previous year, a decrease of seven per cent. However, this reduction reflects the market returning to more normal levels from the unprecedented sales activity generated in Inventory of single-family homes dropped to 762 in December, the lowest recorded since VIREB began tracking inventory in The supply of apartments and townhouses dipped by 13 per cent and 33 per cent, respectively. Diminishing housing supply and high consumer demand are driving rising benchmark prices of single-family homes, apartments, and townhouses in all markets. The British Columbia Real Estate Association (BCREA) notes that the housing market in B.C. is thriving due to strong economic fundamentals, such as robust retail sales, job growth, and population growth. BCREA s Fourth Quarter Housing Forecast states that the provincial economy is on track to expand by 3.8 per cent in 2017, the fourth consecutive year of three per cent or more real GDP growth. The cumulative effect has fuelled employment growth to its strongest performance in almost 20 years, with the provincial jobless rate at its lowest level in nearly a decade. However, while provincial economic conditions appear to be on a sound footing, BCREA expects economic growth to slow in 2018, expanding at a respectable 2.8 per cent, but lower than we have seen in some time. The province s housing market will face additional economic headwinds in 2018, with rising interest rates eroding affordability and Guideline B-20 making it harder for some buyers to qualify for a mortgage. Janice Stromar, 2017 VIREB President, notes that VIREB S record December shows that consumers are still highly motivated to buy a home, but she encourages sellers to list their property now before mitigating economic factors have an impact on housing activity. My advice to prospective sellers is not to delay listing their home until the spring, says Stromar. The VIREB area has been a sellers market for a long time, but we know that it cannot continue indefinitely. That said, since the current VIREB market still favours sellers, connecting with a local REALTOR is especially crucial in a competitive housing market. REALTORS have specialized knowledge of their communities that can help streamline the buying and selling process to ensure the best possible outcome for our clients, says Stromar. In December 2017, the benchmark price of a single-family home in the VIREB area reached $466,400, up 17 per cent from one year ago. (Benchmark pricing tracks the value of a typical home in the reported area.) The benchmark price of an apartment last month rose to $284,400, up 28 per cent board-wide from the previous year, while the benchmark price of a townhouse hit $370,700, a 23 per cent increase from December The December 2017 benchmark price of a single-family home in the Campbell River area was $375,100, an increase of 20 per cent over December In the Comox Valley, the benchmark price hit $467,400, up 19 per cent from last year. Duncan reported a benchmark price of $418,000, an increase of 16 per cent compared to December Nanaimo s benchmark price rose 17 per cent to $500,500 while the Parksville-Qualicum area saw its benchmark price increase by 16 per cent to $524,900. The cost of a benchmark home in Port Alberni was $249,800, up 16 per cent from one year ago

3 ABOUT VIREB VIREB represents over 1,000 REALTOR members in nearly 90 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 centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR ) and/or the quality of services they provide (MLS ). Visit our website for updated information at Contact: Janice Stromar, President: Don McClintock, President-Elect: Margo Hoffman, Past President: Darrell Paysen, Manager, Member Services: Or, for further localized comments, please contact: Campbell River: Erika Haley Comox Valley: Kevin Reid Cowichan Valley: Lovina Miller Nanaimo: Janice Stromar Kaye Broens Parksville-Qualicum: Margo Hoffman Port Alberni-West Coast: Sandy Rantz MLS HPI Media Contact Communications Department Vancouver Island Real Estate Board

4 Backgrounder About the MLS Home Price Index On November 1 st, VIREB adopted the MLS Home Price Index (MLS HPI) as a new method of reporting price trends in the market. The MLS HPI determines the value for a typical benchmark home, which is a notional dwelling that shares a specific set of qualitative and quantitative attributes. Benchmark prices tend to be slightly lower than corresponding medians and averages The MLS HPI, based on the information entered into the MLS System at the time of sale, is the best and purest way of determining price trends in the housing market. It was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley, Montreal, Toronto, and Vancouver, and the Canadian Real Estate Association. In 2009, the partners contracted with Altus Group to develop the MLS HPI, which subsequently launched in January Others have since joined the program, with 10 partners and growing. Why an MLS Home Price Index? The MLS HPI captures and analyzes Canadian home prices based on both quantitative and qualitative housing features. Quantitative features captured by the index are, for example, number of rooms and bathrooms, living area above ground and the age of the home. Qualitative features include finished basement, if the home is new or resale, and the home s proximity to shopping, schools, transportation, hospitals and so on. The MLS HPI gauges Vancouver Island prices relative to January 2005, and tracks price trends for benchmark housing types: Single-family homes o One-storey o Two-storey Townhouses Condominium apartments The complete methodology is available at Why Does It Matter? Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS HPI overcomes these shortcomings. Compared to all other Canadian home price measures, the MLS HPI identifies turning points sooner, is the most current, and is the most detailed and accurate gauge for Canadian home prices. How to Read the Tables Benchmark Price: Estimated sale price of a benchmark property. Benchmarks represent a typical property in each market. Price Index: Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales. In January 2005, all indices are set to 100 Month/Year change %: Percentage change of index over a period of (x) month(s) year.

5 Single-Family Home Benchmark Price

6

7 Apartment Benchmark Price

8

9 Townhouse Benchmark Price

10

11 HPI Data

12

13 MLS Sales Summary Copies of archived Statistics are available at our website. Go to and under Resources in the top menu, choose Market Statistics. You are encouraged to contact any of the Directors of the Vancouver Island Real Estate Board to obtain local comments.

14 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Average, Median, and Benchmark Price (HPI) Comparisons $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 VIREB Board Area MLS Sales Single Family - Average, Median and Home Price Index Average Sale Price Median HPI Copyright 2017 VIREB $300,000 $250,000 $200,000 $150,000 $100,000 VIREB Board Area MLS Sales Condo (Apt) Average, Median and Home Price Index Average Sale Price Median HPI Copyright 2017 VIREB $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 VIREB Board Area MLS Sales Condo (Twnhse) - Average, Median and Home Price Index Average Sale Price Median HPI Copyright 2017 VIREB

15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Single-Family Active Listings / Listings and Sales VIREB Board Area - Single Family Active MLS Listings Active Copyright 2017 VIREB VIREB Board Area - Total Single Family New MLS Listings and Sales Listed Sold Copyright 2017 VIREB

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