A local real estate analyst says Port Alberni has become a strong sellers market with many people wanting to move here, but a shortage of homes available.
Chris Fenton says people are flocking to the island and are recognizing Port Alberni is the best deal.
“It’s absolutely people wanting to move to the island for the lifestyle,” he said. “It’s absolutely baby-boomers coming to retire or just getting ready to retire and buying property for the future. We’ve seen more first time homeowners than we’ve ever seen before. It’s got to be lifestyle and people waking up to the fact that Port Alberni really is an incredible place to live.”
According to Fenton, the number of homes sold rose by 13% and the average sale price increased by 16% from the previous year.
He said while many people are wanting to buy homes and properties here, the number of homes listed was down by 12% which fueled a 16% increase in the average sale price.
The number of empty lots that sold doubled last year, with the median price increasing 50% from $80,000 to $120,000
Fenton said after two consecutive years of decreasing numbers of single family home sales in the Alberni Valley, the average sale price saw the largest year-over-year increase in history topping $400,000, and the number of home sold above the asking price doubled in 2020.
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