The Discovery Islands are a hotspot for buyers attracted to more remote areas off British Columbia’s mainland.
Pandemic A “Pivot Point”
The Discovery Islands are a group of small islands, each with relatively few residents, off the coast of Vancouver Island and the mainland coast of British Columbia. The only two of this archipelago have ferry service, Quadra Island and Cortes Island.
Reminder it’s the New Year. You promised yourself you would become a HARRIS Coaching client. You are done wasting time and want to follow a proven path in 2022. Now, while you are here make the next natural step and join the 1000s of other agents as a HARRIS Real Estate University coaching member. No more waiting or procrastinating. Join now. Here is the quick and simple enrollment.—-> YES, Enroll Me Now In Premier Coaching. I WiLL make 2022 my best year ever!
The islands’ proximity to Vancouver Island makes Vancouver Island itself, with its larger geographic size, population and service offerings, more appealing to urban buyers who want a blend of rural self-sufficiency and urban easy access to food and life’s “luxuries.”
Erica Kavanaugh, a realtor with Royal LePage Parksville-Qualicum Beach Realty and president of the Vancouver Island Real Estate Board, said, “I’ve never seen the wide range of buyers coming into the market that we’re currently looking at. The pandemic was a pivot point that opened spaces like the islands, where you can get the lifestyle you want much earlier than in retirement years.”
Market Overview
Quadra Island is the largest of the Discovery Islands. Its population swells to approximately 6,000 during summer months.
Victoria, Vancouver Island’s provincial capital, has a population of some 92,000. Vancouver Island is a partially submerged 285-mile mountain range has a population of fewer than a million people in total.
Demand on Quadra is high and inventory low. As of February 14, there were only eight active listings on Quadra. The result? Escalating prices.
Likewise, inventory of single-family homes on Vancouver Island were -39% lower y/y in January 2022, according to the real estate board’s latest market report.
Lower inventories have obviously boosted prices. The benchmark price for a single-family home on Vancouver Island in January was $804,500 Canadian ($630,000 US), an increase of +36% y/y. In the coastal district of Parksville-Qualcum, the benchmark price was $952,900 Canadian ($748,000 US). Kavanaugh, who lives in this district of Victoria Island, said, this Parksville-Qualcum district has high demand because “it tends to have a bit of a rural fell, while still having a sense of community and proximity to necessary shopping and restaurants.”
Who Are the Buyers?
The vast majority of buyers come from larger Canadian cities. Kavanaugh said, “There are a lot of people who may have come from other places, but they’re usually Canadian citizens.”
Abel O’Brennan, a partner with Engel & Volkers Vancouver Island North, said, “We get a few Americans and Europeans, but it’s certainly not an onslaught.”
Buying Basics
There are no restrictions on foreign buyers. Both buyers and sellers typically have their own agents and attorneys.
Buyers pay a graduated property transfer tax ranging between 1-3% of the home value depending upon purchase price. An additional 2% is due on any property valued above 3M Canadian ($2.35M US.)
An important question for you. 2022 is here…have you completed your 2022 Real Estate Business and Lead Generation Plan? If not, no worries. We have done the hard work for you. Download your 2022 REAL ESTATE TREASURE MAP! Text HARRIS to 47372. It’s that simple and takes 3 seconds. Text HARRIS to 47372 and when you do we will instantly text you back with a link to download. BONUS: For a limited time when you text HARRIS to 47372 you will also receive a Coaching Call!
4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & Privacy: slkt.io/JWQt
Thanks to The New York Times.
