Market Update September 2016
Hello everyone! This is my very first Update for all of you Port Alberni people out there who are thinking about Real Estate. As you all probably know, the market is hot like fire these days. But what does that exactly mean? And what are the stats to prove it? This is what I want to focus a majority of this update on today. I would also like to show you how many houses have sold this summer, who is buying them, and what does it mean for us and our future housing market in Port Alberni.
First of all, what has happened in the last year?
Here are the stats taken from: http://www.canadianrealestatemagazine.ca/
Which you can also find on my website: http://www.avhomes.ca.
So, what does this information mean to a buyer? Well, this means that if you were thinking about buying a house in Port Alberni on August 31st 2015 for $214,900, you are now looking at spending $244,900 in 2016. That means that every month you waited to buy a house it cost you $2,500. If you have waited a year to buy, it cost you $30,000. Think of all the things you could do with that money.
Please Don’t let this discourage you. There is an old proverb that says, the best time to plant a tree was 20 years ago, the second best time is now. This also applies to Real Estate. We are expected to have the same if not higher market growth for 2017. This makes investing in Real Estate today a smart move financially for tomorrow. Working with a professional Realtor, like myself will help you find the home you are looking for at the price you deserve, while showing you what to look out for along the way.
Next question I would like to cover, where are all these buyers that are driving our market coming from?
That is a great question to ask, and an associate of mine at Royal LePage Port Alberni- Pacific Rim didn’t just ask the question but got to the bottom of the question.
This is what he found:
Out of all the sales from our office in 2016, 41% of buyers come from out of town, the remainder 59% were locals moving from one place to another.
33% of those buyers were from elsewhere on Vancouver island, 30% from Vancouver/lower mainland, 26% outside the province of bc, 8% were from BC outside of the lower mainland area, and 2% of buyers were international.
Here is another graph taken from the Vancouver Island Real Estate Board:
Here we see the market fluctuation form 2015 to 2016. Notice that Port Alberni is not only the cheapest place to Buy Property in the area, but with a 15% increase of value, Port Alberni is also a very good investment financially.
I hope you enjoyed my first update, expect more to come. And remember if you are thinking about investing in Real Estate, the best time to call was yesterday, the second best time is now. If you would like to book an appointment, view some houses or just have a chat. You can find all my contact information on my website www.avhomes.ca or give me a call at 250-730-HOME (4663).
That’s all for now. Until next time.