Alberni Valley Real Estate Market Update - October 2017

Posted by Chris Fenton on Saturday, October 21st, 2017 at 10:05am.

Last month we reported an observation that the real estate market in Port Alberni had slowed. At the time we wondered if it was a momentary pause or the beginning of something more significant. Shortly after we released that market update, things started to pick back up. We’re happy to say it was a pause!

Port Alberni Real Estate Update - October 2017

To back up this statement we’ve run all of the single family homes sales statistics for the greater Alberni Valley (excluding all waterfront properties) for the month of September. This is what we found:

  September 2017 September 2016
New Listings  41  40
Sales  39  42
Average List Price  $265,292  $234,687
Average Sale Price  $256,844  $226,119
Median Sale Price  $245,000  $226,000
Days on Market  38  53

As you can see, the number of new listings to come on the market was very similar when we compare September 2017 to September 2016. Likewise, the number of homes sold was very similar. This indicates that this sellers’ market is continuing to move right along. Perhaps, even more telling is the fact that the average days on the market continue to decline, while the median sale price is up by over $20,000. In short, there is nothing to indicate from the September stats that the market is softening.

It remains to be seen if the Bank of Canada will continue the recent trend of raising interest rates in next weeks scheduled announcement. It will be just as interesting to see how the tightening of lending laws set to roll out in January, which will make it more challenging for some Canadian to qualify for a mortgage, will affect the Port Alberni market. In the end only time will tell, but for now the market is continuing its strong performance.

Port Alberni Video Market Update

Thanks for reading - I'd love to answer any questions or receive any comments you may have.

Chris Fenton, BCom
The Fenton Team

4 Responses to "Alberni Valley Real Estate Market Update - October 2017"

Ray wrote: Isn't this increase in housing prices, taking the low income families out of the equation.? All i see is more money in your pocket and less housing for the people that need it most..as prices keep going up the young families are getting further behind.. question?? What ever happened to Habitate for Housing?vh5r3

Posted on Sunday, October 22nd, 2017 at 8:43am.

Jack/Lorraine Payne wrote: Hi Fenton Team, Chris and Esther,
Jack and I are hoping to list our townhouse in April. We are hoping to sell it privately, but would really appreciate it if Chris could maybe come by around Dec. 21st to give us his thoughts on it. Esther you helped us in purchasing it so you are our definitely No. 1 choice if we do not have any success on our own. Thank you.
Sincerely, Jack and Lorraine Payne
Jack and Lorraine Payne

Posted on Monday, November 20th, 2017 at 9:34am.

Chris Fenton wrote: Hi Ray. I'm sorry for the late reply. Yes I absolutely agree that the increase in housing prices is negatively affecting low income families. This is a major problem in Port Alberni, across the country, and in fact in all developed nations. Unfortunately the solution to this problem is well above my pay grade. However, we do what we can at The Fenton Team to help those who are most in need. We make significant charitable donations to the local homeless shelter, the woman's shelter, and Action Against Hunger. Here is the website for Habitat for Humanity: https://www.habitat.ca/

Posted on Monday, November 20th, 2017 at 12:46pm.

Chris Fenton wrote: Hi Loraine. It's great to hear from yourself and Jack. I'd be more than happy to help. Would you like to schedule an appointment now or wait until it's a little close to the end of December? My email is chris@thefentonteam.ca

Posted on Monday, November 20th, 2017 at 12:47pm.

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