MonthlyStatistics AUGUST 2018

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1 MonthlyStatistics AUGUST 2018

2 FOR IMMEDIATE RELEASE September 4, 2018 Sales Bounce Back Slightly From July But Still Lower Than in 2017 NANAIMO, BC Sales of single-family homes in August were seven per cent higher than in July but dipped by 14 per cent from August Last month, 467 single-family homes sold on the Multiple Listing Service (MLS ) System compared to 438 in July and 540 one year ago. The number of apartments changing hands last month dropped by 13 per cent while townhouse sales increased by 16 per cent. Inventory of single-family homes in August was down slightly from one year ago (1,342 compared to 1,352), dropping five per cent from July but still significantly higher than the 749 properties available in January. The supply of apartments and townhouses dipped 14 per cent and 10 per cent from one year ago, respectively. The weaker sales seen so far in 2018 were expected because 2016 and 2017 were exceptionally healthy years for real estate, setting record levels that could not be maintained indefinitely. However, VIREB s housing market is still strong compared to where it sat four years ago. The broad demographic trend for the VIREB area continues to include baby boomers and retirees, who are less affected by stricter mortgage qualification rules because they don t typically need mortgages, says Cameron Muir, chief economist for the British Columbia Real Estate Association (BCREA). As a result, even when sales bottom out, they re doing so at lower levels on Vancouver Island. In its 2018 Second-Quarter Housing Forecast, BCREA anticipates that MLS residential sales in the province will decline by nine per cent to 94,200 units this year from 103,700 in B.C. housing markets have benefited from the provincial economy expanding well above trend growth over the past four years, says BCREA chief economist Cameron Muir. However, economic growth is expected to slow and reflect the long-term average this year. VIREB s long-term sellers market does appear to be moving towards more balanced conditions, with modest price reductions on single-family homes occurring in Campbell River, Duncan, and Parksville-Qualicum Beach. Multiple offers are coming in less frequently, but for single-family homes in the $300,000 to $500,000 range, they are still more common than not. That said, sellers still need to price their homes accordingly. Today s buyers are savvy and well-informed when they arrive at the negotiating table. Sellers need to be realistic when it comes to price, says Don McClintock, 2018 VIREB President. Not every property is worth a million dollars, and overpriced homes just take longer to sell. The benchmark price of a single-family home board-wide was $505,800 in August, a 12 per cent increase from one year ago. (Benchmark pricing tracks the value of a typical home in the reported area.) In the apartment category, the benchmark price climbed to $317,700, up 20 per cent from last year. The benchmark price of a townhouse hit $413,600 last month, up 15 per cent over August Last month, the benchmark price of a single-family home in the Campbell River area was $404,300, an increase of 12 per cent over August In the Comox Valley, the benchmark price reached $509,200, up 13 per cent from last year. Duncan reported a benchmark price of $455,100, up eight per cent from August Nanaimo s benchmark price rose 10 per cent to $546,200 while the Parksville-Qualicum area saw its benchmark price increase by 13 per cent to $574,200. The cost of a benchmark home in Port Alberni reached $303,600, up 22 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: Don McClintock, President: Kaye Broens, President-Elect: Janice Stromar, Past President: Darrell Paysen, Manager, Member Services: Or, for further localized comments, please contact: Campbell River: Chris Quinn Comox Valley: Kevin Reid Cowichan Valley: Lovina Miller Nanaimo: Janice Stromar Kaye Broens Parksville-Qualicum: Erica Kavanaugh 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 Single-Family Home Benchmark Price: One-Month Price Difference

7 Single-Family Home Benchmark Price: 12-Month Price Difference

8 Apartment Benchmark Price

9 Apartment Benchmark Price: One-Month Price Difference

10 Apartment Benchmark Price: 12-Month Price Difference

11 Townhouse Benchmark Price

12 Townhouse Benchmark Price: One-Month Price Difference

13 Townhouse Benchmark Price: 12-Month Price Difference

14 HPI Data: Single-Family Home

15 HPI Data: Apartment

16 HPI Data: Townhouse

17 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.

18 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 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 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 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 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 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Average, Median, and Benchmark Price (HPI) Comparisons $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 VIREB Board Area MLS Sales Single Family - Average, Median and Home Price Index Average Sale Price Median HPI Copyright 2018 VIREB $350,000 $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 2018 VIREB $450,000 $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 2018 VIREB

19 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 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 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 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Single-Family Active Listings / Listings and Sales 1500 VIREB Board Area - Single Family Active MLS Listings Active Copyright 2018 VIREB VIREB Board Area - Total Single Family New MLS Listings and Sales Listed Sold Copyright 2018 VIREB

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