On the Street: Island housing prices up 3% to $517,100

Island housing prices up 3% to $517,100

The benchmark price of a single-family home in the Vancouver Island Real Estate Board area — that’s everything north of the Malahat — increased three per cent to $517,100 over the past year.

Sales of single-family homes in November also rose by three per cent from 2018 and were nine per cent lower than in October. Condominium and townhouse sales dipped by eight per cent and 33 per cent, respectively, from the previous month.

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Last month, 312 single-family homes sold on the Multiple Listing Service, compared to 343 the previous month and 304 in November 2018. In the condominium category, 65 units sold last month, while 26 townhouses changed hands.

Inventory of single-family homes in November rose by eight per cent from one year ago (1,065 to 1,155), the lowest since March, which saw 1,172 properties for sale. Active listings of apartments increased by 15 per cent (319 to 368) year over year while townhouse inventory dropped by 31 per cent (177 to 123).

The British Columbia Real Estate Association reports that after a slow start to 2019, MLS home sales in the province started on a sustained upward climb in the spring, returning to trend after adjusting to market shocks caused by federal mortgage rules and provincial tax policies.

The year-over-year condominium benchmark price rose by three per cent, hitting $297,000, but down one per cent from October. The benchmark price of a townhouse rose by two per cent year over year, climbing to $405,700 last month and slightly higher than in October.

• The benchmark price of a single-family home in the Campbell River area last month was $440,200, an increase of five per cent over November 2018.

• In the Comox Valley, the benchmark price reached $530,200, up by five per cent from one year ago.

• Duncan reported a benchmark price of $479,500, an increase of two per cent from November 2018.

• Nanaimo’s benchmark price rose by less than one per cent to $558,400 in November.

• Parksville-Qualicum saw its benchmark price increase by two per cent to $576,500.

• Cost of a benchmark single-family home in Port Alberni hit $329,000 in November, a six per cent increase from a year ago.

Builder Code award winners

Nine months after unveiling the resources to help the industrial, commercial, and institutional construction sector set a standard code of conduct on worksites in B.C., six companies have been honoured for leadership at the inaugural Builders Code Champion Awards.

The awards recognize companies with advanced policies and practices that seek to ensure all employees can reach their full potential in the skilled trades.

The award categories and winners included:

• Recruiting Champion: RAM Consulting Ltd. (Vancouver)

• Workplace Culture Champion: Scott Construction Group (Vancouver) and Kinetic Construction (Victoria)

• Community Champion: Westcana Electric (Prince George);

• Initiate of the Year: Durwest Construction (Victoria)

• Contractor of the Year: Westcana Electric (Prince George) and Chinook Scaffold Systems (Nanaimo)

New Helijet hire

Helijet International has named David McNamar as director of maintenance.

With more than 30 years experience in the field of rotary-wing aviation maintenance, McNamar will be responsible for all the aircraft maintenance activities in the company.

He has held leadership roles with several helicopter organizations and is presently the director of maintenance at Skyline Helicopters in Kelowna.

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