A three bedroom, two bathroom single family home selling in the $350,000 range was the top selling property on Vancouver Island last year – according to information contained in the 2011 Buyer Profile recently released by the Vancouver Island Real Estate Board (VIREB).
The 2011 Buyer Profile provides a statistical snapshot of real estate sales activity and market trends recorded throughout the VIREB coverage area – which extends from the Malahat in the south to the northern tip of Vancouver Island.
The yearly statistical breakdown was compiled following the development, release and return of a questionnaire sent to residential buyers obtained through the MLS® database for 2011. The survey was mailed to 6,034 potential respondents with a total of 1,587 (26.3 per cent) completed and returned. The data provided was used to create a general statistical picture for the Board area as a whole and for each of VIREB’s individual market areas: Duncan/Cowichan Valley, Nanaimo, Port Alberni/West Coast, Parksville/Qualicum, Comox Valley, Campbell River, North Island and Islands areas.
“It’s an important and extremely useful document, for our member Realtors certainly, but for developers, Economic Development Officers and others,” explained VIREB President Guy Bezeau. “To have a snapshot of who the home buyers are and where they come is a very valuable tool. Having a better understanding of the marketplace is always a genuine benefit.”
A few highlights of the survey include (on a Board wide basis) that 40 per cent of home buyers come from within the same area as the home purchased, with 16 per cent coming from elsewhere on Vancouver Island. In addition 96 per cent of all homes purchased last year were as a principle residence, with only 17 per cent of those purchasers being first time buyers. A total of 42 per cent of homes purchased last year were as retirement properties.
