The Vancouver Island Real Estate Market: What You Need to Know
Did you know there is a gorgeous, Island paradise just a quick boat ride away from Vancouver, British Columbia? Vancouver Island is home to hundreds of beaches and lakes. It even has a world-famous ski mountain resort at Mount Washington!
The Canadian real estate market is hotter than ever. If you’re looking to buy property, consider checking out what the British Columbia real estate market has to offer. Check out this guide for the ideal Vancouver Island properties!
Vancouver Island Facts
Many people don’t even know Vancouver Island exists. But, this island oasis is quickly becoming the world’s worst kept secret! The Island, as it’s known by locals, is the largest island on the Pacific side of North America.
It is over 460km long and 100km wide!
Home to Victoria, the capital city of the province of British Columbia, Vancouver Island has vast cultural appeal. The parliament buildings are a popular sightseeing location in the downtown harbor. All across Vancouver Island, Indigenous culture is celebrated along with settler history in many of the island towns.
There are over fifty cities and smaller towns to look for your next investment properties or houses to buy. The Island is broken into six area regions. These are the North, Central, and South Island areas, the Gulf Islands, the Cowichan Valley, and the Pacific Rim.
Vancouver Island Real Estate Market
Real estate is booming on Vancouver Island. Prices have steadily risen over the last ten year. Yet, since the 2020 pandemic hit, average house prices are creeping closer to Vancouver levels! This is due to a few factors.
First of all, demand is high for properties on Vancouver Island and the Gulf Islands. With more people looking to get out of major cities and enjoy a life close to nature, the appeal of an Island life is driving a steady stream of potential buyers to British Columbia.
There is a supply shortage across all communities on Vancouver Island. This puts pressure on real estate and the rental market. With short supply and high demand, houses are often sold much above the asking price on the first day of listing! This is great news for sellers and investment properties.
The average price of a single-family house across Vancouver Island hit $822,500 CAN in February of 2022. Compare this to ten years previous in 2012, when the average home price was only $332,347!
Experts predict the rising prices won’t come down for years to come. Low-interest rates help the continuous high demand to live in the temperate, coastal rain forest. But, if the hot Vancouver Island real estate market is out of your price range, you can still enjoy the Island as an unforgettable vacation!
Are You Looking to Buy Property?
Investigating the hot market trends for British Columbia real estate leads you to discover beautiful, Vancouver Island. For more information on the real estate market and tips on how to buy property, make sure you check out the rest of our articles.
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