In B.C.’s currently lukewarm residential real estate sector, it’s easy to read the headlines and imagine it’s becoming a buyer’s market. But that’s not true of all areas – or all property types.
This infographic by our sister website REW.ca reveals that there are many Vancouver Island hotspots that remain firmly in a seller’s market.
The study of real estate activity from February to May 2019 looks at the sales-to-active-listings ratio (SAR) in each individual neighbourhood, for all property types combined. A figure over 20 per cent indicates a seller’s market, while 12 to 20 per cent is a balanced market, and below 12 is a buyer’s market.
REW found that 34 Island neighbourhoods are still seller’s markets. The three hottest areas were in South Jingle Pot in Nanaimo, Campbell River Central and Victoria’s Jubilee neighbourhood, all at 32 per cent SAR.
The study also broke out SAR by individual property type to find the strongest neighbourhood markets for detached house and condo sales, relative to supply. In the single-family market, Nanaimo’s Old City was by far the hottest spot with an SAR of 67 per cent. Condos are most in demand in Victoria West, with a 33 per cent SAR.
Check out the infographics and see if your neighbourhood is on the list, below.