Market Conditions for Central Vancouver Island in Vancouver Island, British Columbia Reported by www.MarilynnKennedy.com www.IslandWaterfronts.com, REALTOR, Associate Broker, Realty Executives Mid Island - Mortgage Consultant, The Mortgage Alliance Company of Canada Updated November 7, 2009.

Current Market Rating: 3 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 2 1 2 3 4 5 Falling Rising

The latest Multiple Listing Service® (MLS®) sales statistics released by the Vancouver Island Real Estate Board (VIREB) show sales of single-family properties in October of 2009, while on par with September, are up significantly over October 2008 in the entire VIREB area. Unit sales for October 2009 increased 93 per cent over October 2008.

The average sale price, meanwhile, of the 454 single-family homes sold across the VIREB region was $332,898, a decrease of four per cent from October 2008. The number of available single-family residential properties for sale is down 27 per cent from 2008 levels as increased sales volumes eat away at inventory levels creating some upward pressure on prices. Year to date figures show a six per cent increase in unit sales with a 4 per cent decrease in the average sale price for 2009.

VIREB President Ray Francis says, "The industry is showing signs of a strong recovery compared to the fourth quarter of 2008 when buyers were holding their breath waiting to see what the economy was going to do. Real estate continues to lead the nation in its economic recovery."

"We continue to have a strong market, with prices in somewhat of a holding pattern. If a home is priced right it seems to be selling." says VIREB President - Elect Cliff Moberg.

For the period comparing data from the end of October 2008 to the end of October 2009, average sale prices in VIREB's six zones saw: Campbell River decrease five per cent (at $270,532), the Comox Valley down eight per cent (at $338,062), Nanaimo decrease four per cent (at $358,974), Parksville/Qualicum was down 10 per cent (at $364,249), Port Alberni showed an increase of seven per cent (at $223,218) and the Cowichan Valley down 3 per cent (to $357,556).

We are seeing consumers returning to the marketplace in droves. The word is out about Vancouver Island and the affordable real estate prices we have here. Baby boomers continue to come west due to our mild climate, incredible scenery and are snatching up real estate deals at historic low interest rates.

First time buyers are also still in the market, they are realizing that renting may now be more costly than owning a home. With lower payments through extended amortization combined with low interest rates, Buyers are comparing renting to paying someone elses mortgage and building their own equity nest egg.

If you are considering a move to our beautiful Vancouver Island, make sure to contact me, Marilynn Kennedy at Realty Executives for sound advice along with 20 plus year of real estate experience to assist you in your choice of home. Call toll free US and Canada 1-800-738-8808 (direct to Marilynn) or email: marilynnkennedy@msn.com or sms a text to my cell at 250-740-0884.

ZIP Codes: v9r, 3j2

Approximate Location Boundaries: Nanaimo, Parksville, Qualicum, Nanoose, Ladysmith, Chemainus, Protection Island, Duncan, Mill Bay, Port Alberni, Comox, Courtenay

Location Characteristics: Golf, Sailing, Skiing, Shopping, Gardens, Ocean views are just some of the things that bring people to Vancouver Island. Vancouver Island is not to be missed, it is the paradise of Canada, a great place to live and retire to. If you are thinking of making a move and would like listings sent to you please contact Marilynn Kennedy, 1-800-738-8808 or email nanaimohomes@shaw.ca. Visit my website for more information: www.MarilynnKennedy.com


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