After quite a few lean years, 2017 was a good year to be in real estate according to Chris Fenton of Royal LePage.
Single family home sales broke the record for the highest average sale price last year – up 20% to $246,000 – and the number of homes sold in 2017 was only a few short of the record set in 2004.
Most surprising according to Fenton was the huge jump in the sale of vacant lots in the city.
Sproat Lake continues to be attractive to buyers, with homes selling quickly, and for an average of a million dollars.
Fenton expects 2018 real estate sales will continue to improve as people discover the benefits of investing in the Alberni Valley.
Homeowners should receive their updated assessments this week, and most will see a jump of 10 to 25 percent according to assessor Tina Ireland.
Assessed property values are up an average of 22% in Port Alberni, Qualicum, Parksville and Courtenay.
They also increased by 18% in Campbell River, 15% in rural areas of the ACRD, and a whopping 26% in Ucluelet and Powell River.
Ireland says the market has remained strong across the island and across property types, but it’s important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes.
Victoria and Vancouver condo owners are in for the biggest shock, as their assessments have risen upwards of 30% over the past year.