Sarah Baikie Personal Real Estate Corporation - RE/MAX Check Realty - Campbell River area

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Over the past 24 months, the average Campbell River single family sale price rose $110,000. From $340,000 to $450,000. More buyers were competing to purchase the dwindling inventory of properties, creating an upward pressure on pricing. Residential sales peaked in 2016, with 77 sales recorded in May 2016 when buyers had 213 single family listings to choose from. 54 sales were recorded in May 2017 when buyers had 138 single family listings to choose from. And 58 sales were recorded in May 2018 when buyers had 97 single family listings to choose from.


As of October 2018, Campbell River reported a mere 73 single family listings for sale. If a hypothetical situation occurred where no further residential listings entered the market, we would run out of inventory in less than two months. For the past 12 months sales were down 14% and the trend of reduced residential sales will continue if inventory remains at the current low levels. It will be a welcome relief, for buyers and local builders, when Parkway Properties releases 35 residential lots for sale in Jubilee Estates later this month. In addition, Couverdon is working hard to prepare 50+ lots in Phase 1 of Jubilee Heights which will most likely be available to purchase early 2019.


Lack of inventory is not the sole factor affecting sales. Decreased sales are also due to i) out of town buyers moving to Campbell River needing to be satisfied with the sale proceeds of their current property. If they can’t sell their house in Vancouver/Victoria then they can't move to Campbell River ii) the number of first time home buyers declining due to the reduction in this demographic group iii) increasing interest rates and iv) the lending regulations ’stress test’ resulting in a tougher mortgage qualification process. 


Despite this increase in property values, Campbell River continued to attract buyers because it is still relatively affordable compared to other areas of Vancouver Island. Campbell River’s median sale price in October 2018 was $415,000 compared to Comox $505,000, Qualicum/Parksville $635,000, Alberni $290,000, Nanaimo $525,000 and Duncan $520,000.


Campbell River Fast Facts:
• The average patio home purchased in 2018 was built in 2015, 1,617 sq ft, on a 6,278 sq ft lot, 2 bedrooms, 2 bathrooms and approximately $412,000. 29 patio homes (built 2010 or younger) were purchased in 2018 of which 18 were new construction (5% gst payable), and 11 were resale. Currently there is only 1 patio home listed for sale that is built 2010 or younger. It will also be a welcome relief to buyers when the 30 unit development Eagle Ridge Executive Patio Homes is listed for sale within the next couple of months http://eagle-ridge.ca


• The average new or near new rancher purchased in 2018 was built in 2010, 1,576 sq ft, on a 7,742 sq ft lot, 3 bedrooms, 2 bathrooms and approximately $495,000. 25 ranchers (built 2010 or younger) were purchased in 2018 of which 5 were new construction (5% gst payable), and 20 were resale. Currently there are only 6 ranchers listed for sale that are built 2010 or younger, and none of these active listings are ranchers with a bonus room


• The most recent sale of a rancher with a bonus room was $617,000 plus gst and located at 65 Country Aire Drive which is the Willow Point area. In 2018, 42.6% of Campbell River’s sales occurred in the Willow Point area


• The average new or near new 2-level home purchased in 2018 was built in 2014, 2,584 sq ft, on a 9,088 sq ft lot, 4 bedrooms, 3 bathrooms and approximately $638,000. An ‘ocean view’ 2-level home sells for higher, with an average of approximately $702,000. Typical ocean view addresses include Timberline Drive, Sunderland Road and Mariner Drive. 30 2-level homes (built 2010 or younger) were purchased in 2018 of which 12 were new construction (5% gst payable), and 18 were resale. Currently there are only 9 ‘2-level homes’ listed for sale that are built 2010 or younger of which one has an accepted offer as a result of a multiple offer


• October 2018 there were only 14 lots listed for sale. The median sale price of a lot in Campbell River was $224,900 plus gst, compared to Comox $270,000, Qualicum/Parksville $300,000, Alberni $105,000, Nanaimo $238,500 and Duncan $142,000


• October 2018 there were only 2 townhouses listed for sale with a sell list ratio of 200%. What that means is that for each new listing that entered the market, 2 then sold, thus further reducing the inventory. The median sale price of a townhouse in Campbell River was $325,000, compared to Comox $399,900, Qualicum/Parksville $442,500, Alberni $405,000, Nanaimo $349,900 and Duncan $272,900.


It has been a fairly dry and mild Fall so I hope you got out there and enjoyed the sunshine. I look forward to hearing your news! Reply ‘yes please’ if you would like me to email you the data that accompanies this newsletter. If you are looking to buy, sell, build or want an evaluation on your property, more info on the lots coming up for sale in Jubilee Estates or the patio home development at Eagle Ridge, please don’t hesitate to contact me.

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Wishing you all a wonderful and restful Thanksgiving. Hope you have plans to relax or take a walk in the forest to immerse yourself in the stunning Fall foliage. I highly recommend hitting golf balls at the Campbell River Country Club’s new bar-restaurant-virtual golf driving range 'Velocity’. https://crgolf.ca/velocityloungedrivingrange/
 
This weekend is packed with three days of horse riding lessons. I am training with Georges Melloroni - a dressage riding instructor  - who comes to Vancouver Island twice yearly from Portugal. I recently visited his equestrian facility in Portugal to train on his superbly schooled Lusitanos. Horse riding is my number one sport, followed by skiing, and then golf. This weekend also includes two evenings of hitting golf balls at Velocity. 
 
I am thankful for my good health, my children and my family. And thankful for all of my wonderful clients. Thank you for choosing me, trusting me and recommending me. On Friday, I received a letter from Remax stating I was listed amongst the top 100 Realtors in Western Canada. I was in shock when I read the letter. Thank you to my assistant Annette, Chris for his fantastic photos and movies of the properties that I list for sale, the support of the Remax brokerage and my Managing Broker Dan Samson. I would not have achieved this without you. My warmest and best wishes to all. Happy Thanksgiving.
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Sales of single-family homes in the VIREB area rose by 20 per cent month over month in April but remained static from one year ago.

 

Last month, 476 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 398 in March and 476 one year ago. The number of apartments changing hands in April decreased by six per cent year over year while townhouse sales rose by 26 per cent.

 

VIREB’s inventory of single-family homes climbed by eight per cent from March 2018 but decreased by six per cent from one year ago. The supply of apartments dropped in April, down 12 per cent from one year ago, but townhouse inventory rose by 30 per cent.

 

The British Columbia Real Estate Association (BCREA) reports that housing sales in many B.C. jurisdictions are down compared to last year. Guideline B-20 and uncertainty surrounding new provincial taxes appear to be taking their toll on sales in some markets.

 

Broadening the scope of the Foreign Buyer Tax to include the Regional District of Nanaimo (RDN) should not have a significant impact on the VIREB housing market. Only 4.4 per cent of RDN residential real estate transactions in 2017 involved foreign buyers. More troubling is the new speculation tax, which is supposed to be implemented later this year. The tax will apply to Nanaimo and Lantzville, but it will take a few months to see whether it has a detrimental impact on sales.

 

BCREA also expects the Bank of Canada to increase interest rates in the next couple of months, which introduces another risk factor into the housing market.

 

For now, however, demand is still outpacing supply in the VIREB area, particularly in some price ranges. Properties in the $300,000 to $500,000 range generate multiple offers and sell quickly. However, higher-priced homes are taking longer to sell.

 

Janice Stromar, 2018 Past President, encourages sellers to take advantage of our current market conditions before any economic headwinds weaken demand.  “Our market has favoured sellers for a long time now, but it won’t last forever,” says Stromar. “However, even in a sellers’ market, you need to price your home correctly because overpriced homes take longer to sell.”

 

In April 2018, the benchmark price of a single-family home in the VIREB area reached $499,600, up 18 per cent from one year ago. (Benchmark pricing tracks the value of a typical home in the reported area.) The benchmark price of an apartment last month rose to $305,300, up 25 per cent board-wide from the previous year, while the benchmark price of a townhouse hit $393,200, a 22 per cent increase from April 2017.

 

Last month, the benchmark price of a single-family home in the Campbell River area climbed to $410,000, an increase of 22 per cent over April 2017. In the Comox Valley, the benchmark price reached $487,100, up 17 per cent from last year. Duncan reported a benchmark price of $444,700, an increase of 17 per cent compared to April 2017. Nanaimo’s benchmark price rose 16 per cent to $537,800 while the Parksville-Qualicum area saw its benchmark price increase by 18 per cent to $562,800. The cost of a benchmark home in Port Alberni reached $282,000, up 24 per cent from one year ago. 

 

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Spring glorious Spring. Lovin’ the sunshine. When I pull into my driveway, I can see the weeds in my garden beds and gravel areas poking through and getting a head start on me. The Spring market is upon us and now I am too busy to weed.

 

Campbell River’s real estate continues to be plagued with low inventory. If there were more listings, there would be more sales. Which best explains why sales are down from last year. There simply is not enough supply to satisfy demand:

 

  • In the 12 months ending April 30th, 2018 there have been 1047 sales of all property types in Campbell River, down 7% over the same period in 2017.  The highest number of annual sales was 1181 in 2007.

 

  • The 12 month average sale price of a Campbell River home is $417,096, up 15%.  The average lot price is $188,239, up 35%. (The 16 lot sales in April only averaged $228,828 so you can see where this is going!) If you purchased an ‘average’ home in 2008, you paid $315,252.  If you bought an average lot, you paid $111,479.  

 

  • YTD in 2018, 37 houses per month have sold compared to the all-time high in 2016 of 59 houses per month.  In 2017, 55 houses per month sold. In 2016 – 59, in 2015 – 45, in 2014 - 46, for 2013 – 42, for 2012 – 37, for 2011- 41, for 2010 - 36, for 2009 - 44, for 2008 - 38, for 2007 - 58, for 2006 - 54.

 

  • In 2017, houses sold in 42 days for 98% of asking price and the annual list/sell ratio (LSR) was 84%.  In April, 2018 the LSR was 76% and houses sold for 116% of asking price in 20 days. 

 

  • Residential sales occurred in Willow Point – 37%, Campbell River Central – 36%, followed by Campbell River South - 14%, Campbell River West – 12%, Campbell River North – 3%. There was one sale in Campbellton.

 

 

  • There are 108 homes currently for sale, a 2½ month supply. Houses make up 78% of the 152 residential properties currently offered for sale.  Condos are 18%, duplexes – 2%, mobile homes - 1%.  The active inventory of all properties is 248, down 20%.

 

  • Contrast the shortage of strata properties in Campbell River as a percentage of all residential properties – 18% - to the Comox Valley – 32%.

 

  • The largest house price differential in April, 2018 was between Willow Point where the average price was up 21% ($455,068) and Campbell River South where the price was down 16% ($380,162).

 

  • YTD only four houses have sold under $200,000, compared to 20 in all 2017 and 45 in 2016.  In 2015, 41 houses sold for less than $200,000. In 2014 – 48, in 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36.

 

  • YTD sales over $500,000 represent 24% of the Campbell River market compared to 20% in 2017 and 9% in 2016.

 

  • YTD 2018 the SFD median price (half sales above, half below) is $409,000.

 

  • When 10 houses sell in Campbell River, one is under $250,000, two sell between $250,000 and $350,000, five between $350,000 and $500,000 and two above $500,000.

 

  • There are 96 REALTORS® in Campbell River among the 1070 members of the Vancouver Island Real Estate Board.

 

Please don’t hesitate to contact me if you would like an evaluation on your current home.
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2017 was a fast paced market, allowing for my high-energy optimistic personality to bounce from property to property and sell a city that is hands down unbeatablvalue.

 

A huge shout out and sincere thank you to all my valued clients! In total, 60 awesome savvy Sellers chose me as their listing Realtor and I closed 80 transactions. The average transactions per Realtor was 6. It was a great challenge and I had a heck of a fun time. Thank you to my incredible team: Chris for the awesome photos/movies/digital content, Annette performing her magic with any and every admin task that I send her way, Glen for placing the For Sale signs up and then down once sold, and Remax Check Realty’s amazing management and admin support staff.

 

Stepping into 2018 with enthusiasm and given the nature of a career in sales I never know what is going to happen each day and take it in my stride and say:

 

This epic day

Do not underestimate what she can do

Give thanks to her as you make your way

Give thanks to the power and the kindness

Of this precious living day.

 

May 2018 be a fantastic year for you. Please don’t hesitate to mention my name if you hear of anyone thinking of Buying or Selling.

 

  • In 2017 there were 1074 sales of all property types in Campbell River, down 5% over 2016.  The highest number of annual sales was 1181 in 2007.
  • The 2017 average sale price of a Campbell River home is $407,174, up 18%.  The average lot price is $150,108, up 8%. If you purchased an ‘average’ home in 2007, you paid $297,046.  If you bought an average lot, you paid $110,935.  
  • In 2017, 55 houses per month sold compared to the all-time high in 2016 of 59 houses per month.  In 2015, 45 houses a month sold, in 2014 - 46, for 2013 – 42, for 2012 – 37, for 2011- 41, for 2010 - 36, for 2009 - 44, for 2008 - 38, for 2007 - 58, for 2006 - 54.
  • In 2017, houses sold in 42 days for 98% of asking price and the annual list/sell ratio (LSR) was 84%. In a year end rush of sales and shrinking supply, the LSRs in November and December were 123% and 107% respectively.  In 2016, houses sold within 56 days for 99% of asking price.  The LSR was 84%. 
  • In 2017, residential sales occurred in Willow Point – 42%, Campbell River Central – 35%, followed by Campbell River South - 10%, Campbell River West – 7%, Campbell River North – 4% and Campbellton – 1%. There are only 73 homes for sale, less than a six week supply.
  • Houses make up 63% of the 138 residential properties currently offered for sale.  Condos are 31%, duplexes – 4%, mobile homes – 2%.  The active inventory of all properties is 212, down 27%.
  • The largest house price differential is between Willow Point where the 2017 average price is up 20% ($427,710) and Campbell River Central where the price is up 17% ($395,907).
  • In 2017, 20 houses sold for less than $200,000 compared to 45 in 2016.  In 2015, 41 houses sold for less than $200,000. In 2014 – 48, in 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36.
  • In 2017 there were 136 residential sales over $500,000.  In 2016 there were 63 residential sales over $500,000 representing 9% of all residential sales.  In 2015 there were 40 sales over $500,000, representing 7%.  There were 26 sales in 2014, in 2013 -15, in 2012 – 20, in 2011 – 26, in 2010 – 15. The 2017 median price (half sales above, half below) is $391,000.
  • When 10 houses sell in Campbell River, one is under $250,000, three sell between $250,000 and $350,000, four between $350,000 and $500,000 and two above $500,000.
  • There are 96 REALTORS® in Campbell River among the 1057 members of the Vancouver Island Real Estate Board.
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Wishing all happy and restful Christmas and New Year holiday season.  

 

We have plans to ski at Mt Washington and to also take it easy watching movies, playing games, crafts and reading. We get busy during the year with work, school and sports that it’s home time that we crave the most. On Christmas day, my younger brother Justin flies in from Australia. Hopefully his plane is able to land as snow is on the forecast. 

 

2017 proved to be an incredible year for our growing city, Campbell River 

 

The British Columbia Real Estate Association (BCREA) noted that the housing market in B.C. thrived due to strong economical fundamentals, such as robust residential sales, job growth, and population growth. British Columbia’s economy continued to lead the country, with GDP in 2018 expected to hit 3.8%. Government policy decision, including slightly higher interest rates and the new mortgage stress test, could affect the housing market in 2018, but it is too early to say in what way. I will continue to keep you informed each month with ongoing newsletters and fast facts. 

 

I sincerely thank you for making 2017 my best sales year ever. Thank you for choosing me, thank you for recommending me. I love what I do, and truly enjoy helping the great people that work with me to buy and sell. What are your plans for Christmas and the New Year? I look forward to hearing your news. 

 

Real Estate Fast Facts on Campbell River 

 

  • The 12 month average sale price of a Campbell River home is $405,456, up 18%.  The average lot price is $148,817, up 7% from 2016. If you purchased an ‘average’ home in 2007, you paid $297,046.  If you bought an average lot, you paid $110,935. 

 

  • Apartment condos are the largest segment of the local strata market. In 2007 the average price was $191,746.  In the 12 months ending November 30th, 2017, the average price is $222,148 up 33% from the same period in 2016. 

 

  • There are 27 patio homes currently for sale, the largest inventory of strata properties. The YTD average selling price is $352,214 up 17%. Townhouses are the scarcest strata, only 4 on the market with an average price of $197,165, up 20%. 

 

  • YTD in 2017, 57 houses per month have sold.  In 2016, 59 houses per month sold, an all-time high.   

 

  • In 2016, houses sold in 56 days for 99% of asking price and the list/sell ratio (LSR) was 84%. Currently, houses sell in 27 days for 99% of asking price and the LSR for November was 123%! What this means is that for every 10 houses listed, 12.3% sold resulting in further dwindling of the existing inventory.    

 

  • YTD 2017, residential sales have occurred in Willow Point – 42%, Campbell River Central – 36%, followed by Campbell River South - 9%, Campbell River West – 7%, Campbell River North – 5% and Campbellton – 1%. There are 89 homes for sale, less than a two month supply.  

 

  • Houses make up 60% of the 169 residential properties currently offered for sale.  Condos - 33%, duplexes – 5%, mobile homes – 2%.  The active inventory of all properties is 255, down 25%. 

 

  • The largest house price differential is between Willow Point where the 12 month average price is up 22% ($427,710) and Campbell River Central where the average price is up 16% ($381,929).  

 

  • YTD 2017 20 houses have sold for less than $200,000.  In 2016, 45 houses sold for less than $200,000.   

 

  • YTD 2017 there have been 133 residential sales over $500,000, including four over $1 million, representing 21% of all residential sales.  In all 2016 there were 63 residential sales over $500,000 representing 9% of all residential sales.  The 12 month median price (half sales above, half below) is $390,000. 

 

  • From Building Links:  Construction has started on Phase I of Seymour Pacific’s 70-unit, multi-family development at 525 Dogwood Street South in Campbell River. A building permit was issued in October with a value of $4.2 million. The developer is constructing a four storey building on the east side of Dogwood Street South directly south of the Merecroft Village Landmark Cinema. 

 

  • When 10 houses sell in Campbell River, one is under $250,000, three sell between $250,000 and $350,000, four between $350,000 and $500,000 and two above $500,000. 

 

  • There are 98 REALTORS® in Campbell River among the 1051 members of the Vancouver Island Real Estate Board. 

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2017 has proved to be an unrelenting hot market for Campbell River - plagued with low inventory, buyers running at new listings at break neck speed in their PJs with coffee in hand, and multiple offers pushing the sale price up to $58,217 above list price (as was the outcome for 384 Hilchey Road where 7 competing buyers turned up to the Nanaimo court house to battle it out on a foreclosure) 


I have been sprinting to keep up with the market - to help successful buyers get an accepted offer. You have to run and get there before everyone else jumps on it. I have turned up to appointments in horse riding clothes and gym clothes. Fortunately not my PJs though. There is honestly not enough time to change into my work clothes sometimes. I’ve stopped apologizing for it. It’s my new reality. 


When should I sell? Is it a good time to buy? Will the market continue like this? For how long? Where are the buyers coming from? Will the lending regulations effective January 1st have an impact on market value?  


Please don’t hesitate to contact me. Let me know if I can advise you on the market value of your property that you intend to sell, and as a buyer to double check the market value of the property you hope to purchase. Hope is the key word here. Working with a good realtor who can alert you to new listings as they come onto the market, or even better to alert you prior to a new listing appearing on MLS, will give you a competitive advantage.  


The following fast facts are a summary of October MLS stats. If you would like a copy of the accompanying spreadsheets and an overview of the upcoming lending regulations please reply “YES PLEASE” and I will be happy to email those to you. 


A huge thank you! to past clients love your recommendations. Keep them coming. I look forward to your reply and hearing your news. 


FAST FACTS on Campbell River October 2017: 

 

  • In the 12 months ending October 31st, 2017 there were 1071 sales of all property types in Campbell River. The highest number of annual sales was 1181 in 2007.  

 

  • The 12 month average sale price of a Campbell River home is $398,751, up 16%.  The average lot price is $147,349, up 5% from 2016. If you purchased an ‘average’ home in 2007, you paid $297,046.  If you bought an average lot, you paid $110,935. 

 

  • Apartment condos are the largest segment of the local strata market. In 2007 the average price was $191,746.  YTD in 2017, the average price is $218,566 up 31% from the same period in 2016. 

 

  • There are 32 patio homes currently for sale, the largest inventory of strata properties. (Compare to the Comox Valley where there are only 9!)  The YTD average selling price is $355,378 up 18%. 

 

  • YTD in 2017, 57 houses per month have sold.  In 2016, 59 houses per month sold, an all-time high.   

 

  • In 2016, houses sold in 56 days for 99% of asking price and the list/sell ratio (LSR) was 84%. Currently, houses are selling in 37 days for 98% of asking price and the LSR for October was 98%.    

 

  • YTD 2017, residential sales have occurred in Willow Point – 42%, Campbell River Central – 36%, followed by Campbell River South - 10%, Campbell River West – 7%, Campbell River North – 4% and Campbellton – 1%. There are 105 Single Family Dwellings (SFDs) for sale, less than a two month supply.  

 

  • Houses make up 65% of the 189 residential properties currently offered for sale.  Condos - 32%, duplexes – 2%, mobile homes – 2%.  The active inventory of all properties is 283, down 22%. 

 

  • The largest house price differential is between Willow Point where the 12 month average price is up 20% ($419,670) and Campbell River Central where the average price is up 17% ($375,538).  

 

  • YTD 2017 17 houses have sold for less than $200,000.  In 2016, 45 houses sold for less than $200,000.   

 

  • YTD 2017 there have been 114 residential sales over $500,000, including three over $1 million, representing 20% of all residential sales.  In all 2016 there were 63 residential sales over $500,000 representing 9% of all residential sales.  The 12 month median price (half sales above, half below) is $380,000. 

 

  • When 10 houses sell in Campbell River, one is under $250,000, three sell between $250,000 and $350,000, four between $350,000 and $500,000 and two above $500,000. 

 

  • There are 104 REALTORS® in Campbell River among the 1082 members of the Vancouver Island Real Estate Board. 

 

Would you like me to email you the accompanying spreadsheets and lending regulations? 

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In 2016, Campbell River’s Real Estate market churned out a record breaking performance. The average price of a single family home increased over the past twelve months by $25,443, with an average of $344,450 by December 31st, 2016. Properties sold on average for 99% of list price within 56 days on market.

 

The baby boomer migration to Vancouver Island is well underway. Dan Samson, Managing Broker at Remax Check Realty, aptly calls it “the Grey Tsunami” and this trend has legs to continue for many years to come.

 

In total, Campbell River saw 654 single family homes sold, up 34% from 2015’s total of 489. The Sell/List ratio rapidly rose to 84% - that is for every 10 units listed, 8.4 of them sold - leaving Campbell River with a jaw-dropping year end inventory of only 94 listings. The lowest seen since the 1990s.

 

Campbell River’s prized house plans were ranchers and patio homes, preferred by retirees who make up 62% of the market.

 

Patio homes sales thundered down the track and into the home stretch. Year to date sales increased by 114% with the average sale price per unit rising by 29% and selling on average for 101% of list price. If you bought a patio home in 2016 you paid an average of $302,954.

 

Buyers researched their way up Island and compared value. The average price of a single family home in Duncan was $389,900, Nanaimo $447,300, Qualicum $482,500, Comox $413,500 and by the time they arrived at Campbell River the decision was made to purchase into our community with an average of $344,500. Just to magnify that statistic - the same house in Comox costs you approximately $68,000 more and in Qualicum $138,000 more. The average price of a lot in Campbell River is $139,200, basically the same amount of additional purchasing power you’d need to buy into Qualicum as compared to Campbell River.

 

Stepping into 2017, the trend of diminishing inventory is casting a fast approaching storm cloud over Vancouver Island, with savvy Buyers making a fast run of it seeking cover via the purchase of property. Campbell River’s builders are doing their best to pump out new inventory with 304 permits issued out of City Hall in the past twelve months, up 56% from the pervious year. DHW Construction Ltd and Osha Construction Ltd are quality builders leading the pack with single family home sales, and NVH Homes leads the pack with patio home sales.

 

Buyers prefer south of town, with 42.4% of sales occurring in Willow Point which is approximately an eight minute drive from the down town core. In December, Jubilee Estates sold out of developed lots, and Maryland Estates only has 3 lots remaining at time of sending out this newsletter. Both of these premier subdivisions will release their final phases in 2017 - it will be a bull rush to secure a lot as some buyers are already trying to reserve their preferred choice.

 

2016 was a fast paced market, allowing for my high-energy optimistic personality to bounce from property to property and sell a city that is hands down unbeatable value.

 

A huge shout out and sincere thank you to all my valued clients! In total, 60 awesome savvy Sellers chose me as their listing Realtor and I closed 89 transactions. The average transactions per Realtor was 10. It was a great challenge and I had a heck of a fun time. I step into 2017 with enthusiasm. Please don’t hesitate to mention my name if you hear of anyone thinking of Buying or Selling. May 2017 be fantastic for you too!

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I’m honoured for my business to be named a nominee for the Campbell River Chamber of Commercie 2016 Business Awards of Distinction.  The winner will be announced October 1st.  Chris Baikie (photography & film), Angela Stone (Unlicensed Assistant) and myself combine our expertise to bring our clients trusted support when buying and selling property.  A big thank you to our past and current clients, without you this nomination would not be possible. 

 

Campbell River’s real estate market continues to perform:

              

  • In the 12 months ending July 31st, 2016 there were 1007 sales of all property types in Campbell River, up 28% over the same period in 2015.  The highest number of annual sales was 1181 in 2007.
  • The 12 month average sale price of a Campbell River home is $330,190 up 6%.  The average lot price is $137,379 up 4%. If you purchased an ‘average’ home in 2006, you paid $265,602.  If you bought an average lot, you paid $103,171.  
  • YTD in 2016, a new record high 62 houses per month have sold.  In 2015, 45 houses a month sold.  For all 2014 - 46, for 2013 – 42, for 2012 – 37, for 2011- 41, for 2010 - 36, for 2009 - 44, for 2008 - 38, for 2007 - 58, for 2006 - 54.
  • In all 2015, houses sold within 70 days for 96% of their asking price.  The list/sell ratio (LSR) was 62%.  In July, 2016, houses sold in 62 days for 109% of asking price and the LSR was 97%.
  • YTD 2016, residential sales occurred in Willow Point – 44%, Campbell River Central – 31%, followed by Campbell River West – 10%, Campbell River South - 10%, and Campbell River North – 6%. The single family dwelling inventory is down 33%.
  • Houses make up 68% of the 336 residential properties currently offered for sale.  Condos are 26%, duplexes – 4%, mobile homes – 1%.  The active inventory of all properties is 494, down 33%.
  • The largest single family home price differential is between Campbell River West where the YTD average price is up 20% ($384,481) and Campbell River South where the YTD price is up 5% ($332,238).
  • YTD 2016, 30 houses have sold for less than $200,000.  In 2015, there were 41 houses sold. In 2014 - 48.  In 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36, in 2009 - 67.
  • YTD 2016 there are 35 residential sales over $500,000, including three sales over $1,000,000, representing 8% of all residential sales.  In 2015 there were 40 sales over $500,000, representing 7%.  There were 26 sales in 2014, in 2013 -15, in 2012 – 20, in 2011 – 26, in 2010 – 15, in 2009 -10, in 2008 – 26. The 12 month median price (half sales above, half below) is $315,500.
  • From Building Links:  for the first half of 2016 as expected, construction statistics of new single family homes are up significantly compared to the same time last year, an increase of 51% for the region of Comox, Courtenay, Cumberland, the CVRD and Campbell River.
  • There are 95 REALTORS® in Campbell River among the 1029 members of the Vancouver Island Real Estate Board
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Hot and that’s not the temperature I’m referring to.  If you’re a buyer hoping to purchase into Campbell River’s property market, you better have a good realtor!

 

Low inventory continues to plague our market, a trend that will continue well into 2017.  Sales are up across all sectors – bare land, single family, patio homes and strata. 

 

A successful purchaser must dash out at a new listing, still wearing pj’s with a coffee in hand.  A good realtor know of upcoming listings and informs their client before it has a chance to hit mls.

 

Sellers are grinning!

 

Below are the fast facts for June.

 

  • In the 12 months ending June 30th, 2016 there were 980 sales of all property types in Campbell River, up 27% over the same period in 2015.  The highest number of annual sales was 1181 in 2007.
  • The 12 month average sale price of a Campbell River home is $323,571 up 3%.  The average lot price is $138,508 up 5%. If you purchased an ‘average’ home in 2006, you paid $265,602.  If you bought an average lot, you paid $103,171.
  • YTD in 2016, a new record high 59 houses per month have sold.  In 2015, 45 houses a month sold.  For all 2014 - 46, for 2013 – 42, for 2012 – 37, for 2011- 41, for 2010 - 36, for 2009 - 44, for 2008 - 38, for 2007 - 58, for 2006 - 54.
  • In all 2015, houses sold within 70 days for 96% of their asking price.  The list/sell ratio (LSR) was 62%.  In June 2016, houses sold in 53 days for 98% of asking price and the LSR was 98%.
  • YTD 2016, residential sales occurred in Willow Point – 45%, Campbell River Central – 30%, followed by Campbell River West – 10%, Campbell River South - 9%, and Campbell River North – 6%. The single family dwelling inventory is down 27%.
  • Houses make up 67% of the 362 residential properties currently offered for sale. Condos are 29%, duplexes – 2%, mobile homes – 2%.  The active inventory of all properties is 527, down 27%.
  • The largest single family home price differential is between Campbell River West where the YTD average price is up 11% ($385,080) and Campbell River South where the YTD price is down 7% ($296,211).
  • YTD 2016, 28 houses have sold for less than $200,000.  In 2015, there were 41 houses sold. In 2014 - 48.  In 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36, in 2009 - 67.
  • YTD 2016 there are 24 residential sales over $500,000, representing 7% of all residential sales.  In 2015 there were 40 sales over $500,000, representing 7%.  There were 26 sales in 2014, in 2013 -15, in 2012 – 20, in 2011 – 26, in 2010 – 15, in 2009 -10, in 2008 – 26. The 12 month median price (half sales above, half below) is $309,750.
  • From Building Links - Community site event at John Hart Dam – BC Hydro and InPower BC, will be hosting the second annual community site event at the John Hart Dam on Sunday, July 17, from 10 am to 3 pm. This is a unique annual opportunity to see the construction site and watch the project evolve through 2018. 
  • There are 104 REALTORS® in Campbell River among the 1027 members of the Vancouver Island Real Estate Board

 

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While the temperature rises, so too does property values in Vancouver and Victoria.  The trickle effect has made its way to Campbell River, as per the fast facts outlined below.

  • In the 12 months ending April 30th, 2016 there were 911 sales of all property types in Campbell River, up 20% over the same period in 2015.  The highest number of annual sales was 1181 in 2007.
  • The 12 month average sale price of a Campbell River home is $320,309 up 4%.  The average lot price is $138,218 up 5%. If you purchased an ‘average’ home in 2006, you paid $265,602.  If you bought an average lot, you paid $103,171.  
  • YTD in 2016, 48 houses per month have sold.  In 2015, 45 houses a month sold.  For all 2014 - 46, for 2013 – 42, for 2012 – 37, for 2011- 41, for 2010 - 36, for 2009 - 44, for 2008 - 38, for 2007 -58, for 2006 - 54.)
  • In 2015, houses sold within 70 days for 96% of their asking price.  The list/sell ratio was 62%.  Currently, houses are selling in 59 days for 98% of asking price and the list/sell ratio is 64%
  • YTD 2016, residential sales occurred in Willow Point – 46%, Campbell River Central – 30%, followed by Campbell River South - 10%, Campbell River West – 9% and Campbell River North – 6%. 
  • Houses make up 68% of the 380 residential properties currently offered for sale.  Condos are 27%, duplexes – 3%, mobile homes – 3%.  The active inventory of all properties is 559, down 19%.
  • The largest single family home price differential is between Willow Point where the YTD average price is up 5% ($321,879) and Campbell River Central where the YTD price is down 10% ($290,825).
  • YTD 2016, 15 houses have sold for less than $200,000.  In 2015, there were 41 houses sold. In 2014 - 48.  In 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36, in 2009 - 67.
  •  YTD 2016 there are 14 residential sales over $500,000, representing 7% of all residential sales.  In 2015 there were 40 sales over $500,000, representing 7%.  There were 26 sales in 2014, in 2013 -15, in 2012 – 20, in 2011 – 26, in 2010 – 15, in 2009 -10, in 2008 – 26. The 12 month median price (half sales above, half below) is $307,900.
  • From Building Links - 2016 First Quarter Construction Statistics —  Overall construction of single family homes has increased in Comox, Courtenay, CVRD and remains stable in Campbell River, and down significantly in Cumberland, by -47%. The total number of new homes that started construction in January, February and March of 2016 is 65 compared to 52 in 2015, an increase of 25%. Overall construction statistics are down considerably, due to the fact that both of the hospitals were started in 2015. There seems to be an upswing in construction of duplex and patio style homes as well as secondary suites. Overall construction values for the first quarter of 2016 are $37,224,848.
  • There are 103 REALTORS® in Campbell River among the 977 members of the Vancouver Island Real Estate Board.

 

The upswing property market in Campbell River has legs to last for many years as the baby boomers migrate from the mainland to Vancouver Island.

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No doubt you’ve heard about what’s happening to the real estate market in Victoria and Vancouver - multiple offers and headlines reporting sales for a million plus over list price. Campbell River’s property market is heating up too, but rather than taking the stride of a sprinter we have a healthier marathon runner approach. Slow and steady reduction of inventory thus creating a slow and steady upward adjustment of prices.  A healthy positive market with legs to continue in that direction for the long term.

 

The baby boomers are coming to Vancouver Island and Campbell River is holding its head proudly as a favored final destination for active retirees. In 2014, 44% of sales in Campbell River were for retirement purposes. We have the new hospital underway with the roof, siding and windows installed, plus the BC Hydro billion dollar upgrade preparing for 300 trades to arrive and work on the finishing. Both projects are excellent draw cards that see Campbell River providing excellent amenities for the community well into the future.

March 2016 proved to be the distinct turning point for the whole of Vancouver Island. Nanaimo sales were up 26% from March 2015, with a whopping 9 out of every 10 new listings selling. Qualicum/Parksville sales were up 24%, with 7.5 of every 10 new listings selling. Comox sales were up 38%, and Campbell River sales were up 35% with 7.2 of every 10 new listings selling.

 

If you are buying in Nanaimo good luck as the inventory levels are desperately low and reduced by a further -6.2% from February to March. If Nanaimo closed the door on new listings on March 31st and did not list another property there would be only 1.7 months of inventory remaining to satisfy buyer demand. Qualicum/Parksville is in a similar low inventory situation with only 2.3 months of inventory remaining to satisfy buyer demand.

 

Welcome to Campbell River and our ability to provide affordable land to build your new 3 bed 2 bath rancher on.  The average price of land in Campbell River is $129,900, in Comox $171,000, Qualicum/Parksville $190,000 and Nanaimo $159,900.  In March 2016 compared to March 2015, sales of land in Campbell River tripled. Take a drive through Jubilee and Maryland Estates and you’ll see machines digging like crazy. New construction has made a come back and local builders are grinning from ear to ear.

 

With a great sigh of relief for sellers, the strata market in Campbell River has found its legs again. March 2016 saw apartment sales almost triple and up 160% from March 2015. The sell/list ratio shot to 118% which means we sold more than what was listed that month and the inventory levels reduced by 7%. In 2015, the average days to sell was 156 compared to an average of 63 days to sell in March 2016.  The median price of a strata apartment in Campbell River is $129,000, Comox $149,000, Qualicum/Parksville $177,000 and Nanaimo $208,400.

 

I love a busy market - hoping from one sale to another like a little grasshopper yippee. Thank you for your trust, loyalty and recommendations!

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Happy New Year! With 2015 behind us, I always like to step into a new year reflecting on the year that was. I enjoyed sending out my monthly newsletters, analyzing Campbell River's real estate market plus updates on economic activities beyond the real estate front. 

 

2015 proved to be onwards and upwards on all accounts and below you will find my summary of the past 12 months. 

 

Campbell River is a great place to live with a wonderful community. I am grateful for the support and trust that the community extends to me and thank you for choosing me to represent you and recommending me to family, friends and co-workers. Last year, I assisted 68 clients in completed transactions. 46 sellers chose me to list and sell their home, when the average listings per agent is 8. I am extremely grateful and account my success to the quality of the relationships that I have with my clients, the support of my brokerage Remax Check Realty, my assistant Angela Stone for her hard work, friendship and accepting anything and everything that I send her way, and Chris Baikie for his brilliant photos, movies and digital support. Being at the forefront of technology and communicating digitally to potential buyers is key to my marketing. 

 

I look forward to working together in 2016. Please do not hesitate to ask me any questions you may have at any stage. Keep the recommendations coming.  My best wishes to you on a personal front for 2016. May it be epic.

 

Some December Fast Facts:

 

  • In the 12 months ending December 31st, 2015 there were 799 sales of all property types in Campbell River, up 2% over 2014.  The highest number of annual sales was 1181 in 2007.

 

  • The 12 month average sale price of a Campbell River home is $318,670 up 5%.  The average lot price is $134,828 up 7%. If you purchased an ‘average’ home in 2006, you paid $265,602.  If you bought an average lot, you paid $103,171.

 

  • In 2015, 45 houses a month sold.  (For all 2014 - 46, for 2013 – 42, for 2012 – 37, for 2011- 41, for 2010 - 36, for 2009 - 44, for 2008 - 38, for 2007 -58, for 2006 - 54.)

 

  • In 2015, houses sold within 70 days for 96% of their asking price.  The list/sell ratio was 6%.

 

  • In 2015, residential sales occurred in Willow Point – 45%, Campbell River City – 33%, followed by Oyster River North - 10%, Quinsam/Campbellton – 8% and Campbell River North – 4%.

 

  • Houses make up 63% of the 291 residential properties currently offered for sale.  Condos are 32%, duplexes – 2%, mobile homes – 3%.  The active inventory of all properties is 485, down 14%.

 

  • The largest single family home price differential is between Willow Point where the 2015 average price is up 8% ($336,149) and Quinsam/Campbellton where the price is down 4% ($278,967).

 

  • In 2015, 41 houses sold for less than $200,000. In 2014 there were 48.  In 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36, in 2009 - 67.

 

  • In 2015 there were 40 residential sales over $500,000, representing 7% of the total sales.  There were 26 sales over $500,000 in all of 2014, in 2013 -15, in 2012 – 20, in 2011 – 26, in 2010 – 15, in 2009 -10, in 2008 – 26. The 12 month median price (half sales above, half below) for 2015 is $305,000.

 

  • There are 101 REALTORS® in Campbell River among the 972 members of the Vancouver Island Real Estate Board.

 

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Real Estate Fast Facts on Campbell River

 

  • In the 12 months ending October 31st, 2015 there were 774 sales of all property types in Campbell River, down 1% over the same period in 2014.  The highest number of annual sales was 1181 in 2007. 
  • The 12 month average sale price of a Campbell River home is $313,934 up 3%.  The average lot price is $135,079 up 11%. If you purchased an ‘average’ home in 2006, you paid $265,602.  If you bought an average lot, you paid $103,171.  
  • YTD 2015, 46 houses a month have sold.  (For all 2014 - 46, for 2013 – 42, for 2012 – 37, for 2011- 41, for 2010 - 36, for 2009 - 44, for 2008 - 38, for 2007 -58, for 2006 - 54.)
  • In October, houses sold within 75 days for 95% of their asking price.  The list/sell ratio was 69%. 
  • YTD 2015, residential sales occurred in Willow Point – 44%, Campbell River City – 35%, followed by Oyster River North - 9%, Quinsam/Campbellton – 8% and Campbell River North – 4%. 
  • Houses make up 64% of the 414 residential properties currently offered for sale.  Condos are 30%, duplexes – 3%, mobile homes – 3%.  The active inventory of all properties is 645, down 8%.
  • The largest single family home price differential is between Willow Point where the 12 month average price is up 6% ($328,480) and Quinsam/Campbellton where the price is virtually unchanged ($284,856).
  • YTD 2015, 37 houses have sold for less than $200,000. In all of 2014 there were 48.  In 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36, in 2009 - 67.
  • YTD there have been 35 residential sales over $500,000.  There were 26 sales over $500,000 in all of 2014, in 2013 -15, in 2012 – 20, in 2011 – 26, in 2010 – 15, in 2009 -10, in 2008 – 26. The 12 month median price (half sales above, half below) for 2015 is $303,000.
  • From Building Links:  Construction values were up by 121% during the third quarter of 2015 compared to 2014, mostly due to construction of the new hospitals in Campbell River and Courtenay and the John Hart Dam generating station replacement project. Total values this quarter were $274 million compared to $123 million last year. The detailed design is nearly complete for the City of Campbell River water supply project. The first of two tender packages for this project is expected to be released in December or January. Construction will be done in two phases, beginning with the lake intake in February of 2016, followed by the pump station and treatment building to begin in August of 2016. Tenders for the pump station are expected to be issued in February of 2016.
  • There are 98 REALTORS® in Campbell River among the 968 members of the Vancouver Island Real Estate Board.

 

Statistics from VIREB and Building Links, October 31st, 2015

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Real Estate Fast Facts on Campbell River


  • In the 12 months ending September 30th, 2015 there were 804 sales of all property types in Campbell River, an increase of 8% over the same period in 2014.  The highest number of annual sales was 1181 in 2007. 
  • The 12 month average sale price of a Campbell River home is $315,408 up 3%.  The average lot price is $135,566 up 17%. If you purchased an ‘average’ home in 2006, you paid $265,602.  If you bought an average lot, you paid $103,171.  
  • YTD 2015, 47 houses a month have sold.  (For all 2014 - 46, for 2013 – 42, for 2012 – 37, for 2011- 41, for 2010 - 36, for 2009 - 44, for 2008 - 38, for 2007 -58, for 2006 - 54.)
  • Houses are currently (September) selling within 57 days for 96% of their asking price.  The list/sell ratio is 56%. 
  • YTD 2015 residential sales occurred in Willow Point – 44%, Campbell River City – 35%, followed by Oyster River North - 9%, Quinsam-Campbellton – 8% and Campbell River North – 4%. 
  • Houses make up 71% of the 419 residential properties currently offered for sale.  Condos are 23%, duplexes – 4%, mobile homes – 2%.  The active inventory of all properties is 644, down 9%.
  • The largest single family home price differential is between Willow Point where the 12 month average price is up 6% ($328,501) and Campbell River North where the price is down 10% ($291,783).
  • YTD 2015, 29 houses have sold for less than $200,000. In all of 2014 there were 48.  In 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36, in 2009 - 67.
  • YTD there have been 35 residential sales over $500,000.  There were 26 sales over $500,000 in all of 2014, in 2013 -15, in 2012 – 20, in 2011 – 26, in 2010 – 15, in 2009 -10, in 2008 – 26. The 12 month median price (half sales above, half below) for 2015 is $303,400.
  • From Building Links: A development permit has been submitted for a new building to house the Ford dealership in Campbell River. The building will be 30,000 sq. ft. in size. Construction drawings are underway and the project consultant is Ketza Pacific Construction.
  • A development permit application has been submitted for the new 18,000 sq. ft. addition and renovation to the Toyota building in Campbell River. Some of the existing building will be demolished. Ketza Pacific Construction is the project manager. Construction is expected to begin in early 2016 once the building permit is in place.
  • There are 97 REALTORS® in Campbell River among the 965 members of the Vancouver Island Real Estate Board.
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Real Estate Fast Facts on Campbell River

 

  • In the 12 months ending July 31st, 2015 there were 785 sales of all property types in Campbell River, an increase of 5% over the same period in 2014.  The highest number of annual sales was 1181 in 2007. 
  • The 12 month average sale price of a Campbell River home is $312,427, up 3%.  The average lot price is $131,736, up 16%. If you purchased an ‘average’ home in 2006, you paid $265,602.  If you bought an average lot, you paid $103,171.  
  • YTD 2015, 46 houses a month have sold.  (For all 2014 - 46, for 2013 – 42, for 2012 – 37, for 2011- 41, for 2010 - 36, for 2009 - 44, for 2008 - 38, for 2007 -58, for 2006 - 54.) 
  • Houses are currently (in the month of July) selling with 75 days for 95% of their asking price.  The list/sell ratio is 61%.
  • YTD 2015 residential sales occurred in Willow Point – 43%, Campbell River City – 36%, followed by Oyster River North - 9%, Quinsam-Campbellton – 8% and Campbell River North – 3%. 
  • Houses make up 69% of the 492 residential properties currently offered for sale, condos are 24%, duplexes – 4%, mobile homes – 3%.  The active inventory of all properties is 736, down 7%.
  • The largest inventory of single family dwellings is in Willow Point (140) where the average price is up 4% ($323,926), followed by Campbell River City (82) where prices are up 3% ($305,652).
  •  The greatest current single family home price differential is between Willow Point where the average price is up 4% ($323,926) and Campbell River North where the price is down 7% ($286,328).
  •  YTD 2015, 23 houses sold for less than $200,000. In all of 2014 there were 48.  In 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36, in 2009 -67.
  • YTD there have been 26 sales over $500,000.  There were 26 sales over $500,000 in 2014, in 2013 -15, in 2012 – 20, in 2011 – 26, in 2010 – 15, in 2009 -10, in 2008 – 26. The 12 month median price (half sales above, half below) for 2015 is $305,000.
  • There are 14 SFD waterfront listings currently on the market, priced from $379,999 to $1,850,000. There are 12 waterfront condos listed from $174,800to $324,900. The highest priced residential sale YTD was for $840,000
  • There are 100 REALTORS® in Campbell River among the 963 members of the Vancouver Island Real Estate Board.

 

 

 

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Real Estate Fast Facts on Campbell River

 

  • In the 12 months ending June 30th, 2015 there were 773 sales of all property types in Campbell River, nearly identical to the same period in 2014.  The highest number of annual sales was 1181 in 2007. 
  • The 12 month average sale price of a Campbell River home is $313,632, up 5%.  The average lot price is $132,466 up 20%. If you purchased an ‘average’ home in 2006, you paid $265,602.  If you bought an average lot, you paid $103,171.  
  •  YTD 2015, 44 houses a month have sold.  (For all 2014 - 46, for 2013 – 42, for 2012 – 37, for 2011- 41, for 2010 - 36, for 2009 - 44, for 2008 - 38, for 2007 -58, for 2006 - 54.) 
  • YTD 2015 residential sales occurred in Willow Point – 42%, Campbell River City – 38%, followed by Oyster River North - 9%, Quinsam-Campbellton – 8% and Campbell River North – 3%. 
  • Houses make up 67% of the 478 residential properties currently offered for sale, condos are 26%, duplexes – 3%, mobile homes – 4%.  The active inventory of all properties is 719, down 7%.
  • The largest inventory of single family dwellings is in Willow Point (122) where the average price is up 4% ($320,188), followed by Campbell River City (90) where prices are up 7% ($310,640).
  • The greatest current single family home price differential is between Willow Point where the average price is up 4% ($320,188) and Campbell River North where the price is down 11% ($283,697).
  • YTD 2015, 20 houses sold for less than $200,000. In all of 2014 there were 48.  In 2013 – 59, in 2012 – 52, in 2011 – 56, in 2010 – 36, in 2009 -67.
  • YTD there have been 18 sales over $500,000.  There were 26 sales over $500,000 in 2014, in 2013 -15, in 2012 – 20, in 2011 – 26, in 2010 – 15, in 2009 -10, in 2008 – 26. The 12 month median price (half sales above, half below) for 2015 is $305,000.
  • There are 16 SFD waterfront listings currently on the market, priced from $399,500 to $1,850,000. There are 17 waterfront condos listed from $179,800 to $324,900. The highest priced   residential sale YTD was for $999,000.
  • There are 100 REALTORS® in Campbell River among the 963 members of the Vancouver Island Real Estate Board.
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Real Estate Fast Facts on Campbell River

 

 

  • Residential sales increased by 25% for February 2015 compared to February 2014. 

 

  • The average sale price was 96% of the listing price of the home.

 

  • The median sale price of a Campbell River home for the month of February was $269,300 which indicates that the strongest sales activity was for homes in the lower price range.

 

  • The sell/list ratio (number of sales compared to the number of listings for the month) was 56% - a relatively high number (in fact it was the highest of all the communities included within the Vancouver Island Real Estate Board).  A high number indicates a ‘tightening’ of supply which often leads to higher prices.

 

  • There were 203 homes listed for sale at the end of February – up a modest 3.9%.  Typically listings increase dramatically in that period after Christmas as Vendors make the decision to sell into the spring the market.  Again this was the lowest percentage increase within the Vancouver Island Real Estate Board.

 

  • There were 7 lot sales this month compared to 4 during the same period last year.  The average price was $128,900 compared to $99,500 last year – up 30%.  Part of this increase is a general price increase but also includes the impact of selling more expensive ocean view lots from a new subdivision recently listed for sale.  We anticipate that lot prices will remain at this level for the foreseeable future.

 

  • The activity in the strata apartment market is stable with the a modest increase in the number of sales this year (4 sales vs 2 sales)  The selling prices to list price was a weak 88% of the list price. Inventory of strata apartments for sale is still high at 60 units representing 16 months of supply.

 

  • The number of enquiries by prospective clients was the strongest in for the month in the last 3 years so we anticipate a continued active Campbell River real estate market.
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Real Estate Fast Facts on Campbell River

 

  • For the month of January 2015 there were 17 residential home sales - a 35% decrease from the 26 sales in 2013. 
  • This decrease is attributed to the drastic decrease in oil prices which may affect employment of those that are living in our City but are commuting to work.  There was a year over year decrease in sales in all the east coast communities with exception of the Nanaimo area.
  • The median sale price of a Campbell River home for the month of January was $337,500 - up 32.5 % from the previous month.  This is the first time since the early 2000’s that Campbell River’s median home price was higher than the median home price in the Comox Valley ( which was $305,00 for the month of December - although this is considered an aberration).  However it does indicate the continued convergence of the real estate prices in all the Vancouver Island east coast communities.
  • There was only one lot sale during the month at $119,800 (the number of sales, or lack thereof is typical for this time of the year – last year there were no lot sales!)
  • The strata apartment market finally appears to be stabilizing with the same number of sales this year same as last yewars (2 sales)  The selling prices were within 95% of the list price. However the inventory of strata apartment is still high at 60 units representing over 2 years of supply.
  • The strata patio home market continues to be stable with sale prices within 98% of the list price.  Inventory of units for sale did not change from the December inventory of 22 units.  Patio homes continue to be a very popular with retirees.
  •  Every dark cloud has silver linings and the drastic decline in world oil prices is definitely ‘a dark cloud’ but the silver linings include:
    • Lower interest rates.  Five year fixed rates are as low as 2.99 per cent compounded semiannually and variable fixed term rates are as low as 2.6% calculating monthly.
    • Many older employees working in the oil fields will take this opportunity to retire and move to Vancouver Island
  • Also Campbell River is fortunate to be inoculated against a possible down turn in the Canadian economy due to the current capital investment of approximately $2 Billion being invested in the Campbell River area over the next 10 years  (Yes that is $2 Billion with a “B”)
  • All in all, we are expecting a stable real estate market in 2015 with a good chance of it being stronger than last year’s.
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Many major projects are underway here in Campbell River.

 

Here is a look at some of the major projects that have been completed this past year or are in the works for 2015:

Seymour Pacific’s Head Office officially opened its doors in the fall of 2014.  With its West Coast inspired design, rain gardens, water feature and 200+ employees, the down town core is enjoying the benefits.

Berwick By the Sea Residences is a prestigious retirement community that completed construction in 2014 and started moving in occupants this past fall. 

 

The new Comfort Inn is the latest building to be added to our downtown.  Located beside Berwick Residences, the 4 story hotel is making the most of its close proximity to the ocean, planning on most of the 55 units featuring an ocean view.  Plans include an indoor pool, fitness room, a business centre and two meeting rooms.

 

The New Hospital broke ground in 2013.  To date, the concrete foundation is being poured and two cranes have been moved on site to begin constructing the walls.  Wanting to hire as many local workers as possible, the Chief Project Office of the build has partnered up with the Director of Program Standards with the Industry Training Authority of BC, North Island College and North Vancouver Island Aboriginal Training Society.  They have teamed up to create a plan with NIC on creating programs to address hiring needs, including improving some shorter-term certificates such as first aid training, dry walling, general labour training, and adding programs like the Constructing Craft worker.

 

New Horizons Residential Care Facility has been chosen by Island Health to build a new wing, adding forty new publicly funded beds and five new private pay beds.  Twenty of the publicly funded beds will deliver licensed dementia care and twenty will deliver more complex care services.  This will make a total of 126 residential care capacity beds and 13 private pay beds.  Construction is slated to begin in 2015, is expected to take 21 months, with the wing opening in 2017.

 

BC Hydro Projects:

  • $1 billion John Hart Hydro Project – Construction continues on the upgrade and overhaul of the generating station.  Ground blasting is rumoured to be starting soon and January to March should see the continuation of site prep and tree falling.  Managers hope to see a 90% local hire rate in the coming year.
  • Seismic Upgrades to the John Hart and Strathcona Dams will start as the Generating station work closes.  This project is another major undertaking and is expected to cost in the hundreds of millions.
  • Upgrading the local Distribution Grid is another Hydro project just announced.  Noticing that the grid currently serving Campbell River is nearing capacity due to Campbell River’s growth, Hydro plans on spending $25 million to increase supply to local customers.  The upgrade also ensures that there will be enough capacity for further future growth in residential and commercial development.  Combined with the other major projects, BC Hydro estimates it will be working in Campbell River for at least the next 20 years.
  • BC Hydro’s New Office at Quinsam Crossing officially opened and staff moved out of the 40 year old office into the new building earlier this month.

 

Quicksilver LNG Plant has Campbell River anxiously waiting to hear more news.   Already starting its reclamation project of the old mill site, this is potentially a multi-billion dollar project.  With several LNG projects moving ahead across the province (ExxonMobil proposed plant in Prince Rupert, Woodfibre LNG in Squamish & Shell-led LNG Canada proposal in Kitimat), Campbell Riverites remain hopeful that positive news is headed our way.

 

The New Mayor, Andy Adams is clear on his agenda on making positive economic changes in Campbell River.  His first objective is to revive the forestry industry in Campbell River and has already resurrected the Future of Forestry Task Force, choosing former mayor Charlie Cornfield to lead it.  The task force’s aim is to rejuvenate the industry and attract forestry businesses into Campbell River, working closely with forest-related companies in Campbell River and Vancouver Island.  One main goal of the task force will be to establish a community forest in Campbell River.  Community forests are located on provincial land and leased by a community for 25 yrs with a renewable option every 10 yrs.  This community forest could be a positive source of revenue for the city and also be a working lab for expanded forestry related programs at North Island College.

 

Elk Falls Suspension Bridge, is a $650,000 venture started by the Rotary Club.  With some help from BC Hydro, construction started earlier in 2014 and everyone involved is hoping it will be open in the spring or fall of 2015.  The bridge will stretch 64 meters and hover 65 meters over the falls.  Also being constructed are two new viewing platforms and a new 80 stall parking lot.

 

Campbell River is a hive of activity; I’ll keep you posted as more major projects are announced!



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