One single-family home available for sale on Gabriola Island

Derek Kilbourn

Sounder News

Wednesday, January 20 2021

As of printing, there was one single home for sale on Gabriola that did not have an accepted offer.

There were twelve listings on MLS system on Gabriola.

Realtors with the Gabriola office of Royal LePage Nanaimo Realty confirmed that of those twelve listings, six did not have accepted offers, and only one had a home on the property for sale. That listing - located at 1905 Martin Road - was listed (at time of this Sounder being printed) at $2,599,995.

The Vancouver Island Real Estate Board (VIREB) reported earlier in January that sales of single-family homes in December increased by 34 per cent from one year ago and were 28 per cent lower than in November.

For Gabriola, the VIREB benchmark for a single family home in December was $473,200.

For Vancouver Island, in December 2020, 302 single-family detached properties (excluding acreage and waterfront) sold on the MLS® System compared to 226 in December 2019 and 422 in November 2020.

Active listings of single-family detached properties were 421 in December compared to 541 in November, a 22 per cent decrease and the lowest number on record. 

VIREB states in their release that low inventory continues to be the primary reason behind the weaker sales posted in November and December. The buyers are there, but the listings are not.

“Consumer demand is high, and buyers are snapping up well-priced properties quickly once they hit the market,” says VIREB president Kevin Reid. “Multiple offers are commonplace.”

According to VIREB, the benchmark price of a single-family home hit $546,900 in December, a five per cent increase from the previous year. In the Comox Valley, the benchmark price was $550,800, up by four per cent from one year ago. Duncan reported a benchmark price of $509,600, an increase of five per cent from December 2019.  

Nanaimo’s benchmark price rose by one per cent, hitting $569,400, while the Parksville- Qualicum area saw its benchmark price increase by nine per cent to $639,100. 

The cost of a benchmark single-family home in Port Alberni reached $328,000, a two per cent year-over-year increase. For the North Island, the benchmark price rose to $236,000, a 17 per cent increase over last year.