Nanoose Bay, Parksville, and Qualicum Beach Market Stats

Local Real Estate Market Statistics

Qualicum Beach Parksville Area Real Estate Market Summary January 2020

This is the Qualicum Beach Parksville Nanoose Bay Fairwinds & Area Market Snapshot of Home Sales for January 2020 – Click here for News::
Market News

>>> First we will tackle the STATS, then add a bit of Chatter.<<< Specifically in January, the median sale price of single family homes was $595,000. The average sale price was $637,968 (not including waterfront or acreages). This is up by 8% compared to $589,015 in November of 2019. Patio-home condos sold on average for $415,714, apartment condos sold for $243,727 & townhomes sold average $494,000 in January. Two building lots sold in January, average $77,150. Current inventory is at 37 lots overall in the local region. The list to sell ratio for single family home sales was 48% in January. Single family home listings at 158 homes, is at the same level as at this time last year. Also, listings of all property types are at the same level as at this time last year, though patio homes did drop from 26 to only 19 units. It has been a somewhat busier end of year, November through to January this year with sales volume of January 2020 single family homes up from 29 to 34, and apartment condos up from 5 to 15 compared to 2019. It took an average of 51 days to sell a single family home in January, only a few days longer than last year.

Market chatter is pointing toward signs of a stronger market in 2020, with sales in Vancouver recovering and Toronto experiencing a shortage of listings, resulting in significant price increases overall.

A combination of steady population growth, low unemployment and cheap borrowing costs have brought buyers, who had been sidelined by the stress tests, back into the market. As of 2020, owning a home in Toronto will cost an average of $4,223.56/month. Even renting, once considered a bastion of low-cost housing, is not as affordable as it used to be at an average of $2,349.07/month. These homeowner costs do not even reflect substantial increases in other cost of home ownership, or increased living costs. Some consumers are getting whacked in the wallet, but real estate is selling.

Ultimately housing prices on Vancouver Island is quickly catching up to the metro areas of Vancouver and Toronto, as retirees are seeking a little less snow and a little less stress. We have seen a significant upper market prices jumping from the $1 million range to over $2 million. There is now a high demand for quality homes in the $800,000 to $1.2 million market. Many completed sales have been cash sales without the need to sell the existing home first.

The busy < $800,000 market is hot, but many homes are older or in need of updating. Many retirees in the Qualicum area are not interested in renovating, and for the families who are settling in Parksville, they do not get the desirable features combined with larger square footage. Many new homes promote the 'open concept' smaller homes, enabling some of the more desirable features, like granite counter tops, to be added.

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