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MARKET UPDATE: November 30/2020 Qualicum Beach/Parksville

Home > Market News > MARKET UPDATE: November 30/2020 Qualicum Beach/Parksville

Courtesy NANCY SMITH and VIREB (Central Vancouver Island)

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Dec 1st, 2020 at 8:18 pm

Active listings of single-family detached properties were 541 in November compared to 733 in October, a 26 per cent decrease. There were 307 condo apartments and 143 row/townhouses for sale last month, down eight per cent and 27 per cent, respectively, from October.
The strength of the provincial housing market continues to surprise even the experts. In its FourthQuarter Housing Forecast, the British Columbia Real Estate Association (BCREA) states that the COVID-19 pandemic and associated recession have impacted housing markets in unexpected and unpredictable ways.
“Despite what may be the worst recession in B.C. history, the housing market had a record fall season, and prices are rapidly rising as pent-up demand floods into an under-supplied market,” says BCREA.
“As that pent-up demand from the loss of a spring season fades, sales will likely slow from their current pace, but activity is expected to remain strong as record-low mortgage rates and a recovering economy continue to drive sales.”
Notwithstanding high demand, correctly pricing your home remains the key to a quick sale. Overpriced homes tend to linger in our area despite prevailing market conditions, Mackay says.

The benchmark price of a single-family home hit $540,300 in November, up by four per cent year over year. The benchmark price of an apartment reached $310,200, an increase of four per cent, while the benchmark price of a townhouse rose by nine per cent year over year, climbing to $441,600.
In Campbell River, the benchmark price of a single-family home hit $475,900, an increase of eight per cent over last year. In the Comox Valley, the benchmark price was $544,900, up by three per cent from one year ago. Duncan reported a benchmark price of $502,100, an increase of five per cent from November 2019. Nanaimo’s benchmark price rose by one per cent, hitting $564,500, while the ParksvilleQualicum area saw its benchmark price increase by seven per cent to $620,100. The cost of a benchmark single-family home in Port Alberni reached $326,800, a marginal year-over-year increase.

For the North Island, the benchmark price rose to $237,300, an 18 per cent increase over last year.

Bowser, Qualicum Beach, Parksville and Nanoose Bay continue to be hot waterfront and ocean view properties, as they are the best Vancouver Island has to offer.  The leeward side of the island, the Georgia Strait is relatively sheltered for boating, fishing and other recreational activities.  NANCY SMITH enjoying mushroom fairyland.

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