Home prices in Parksville Qualicum Beach continue to rise. (PQB News file photo)

Benchmark price for typical single-family home in Parksville area nears $700K

Five years ago, benchmark number was $398K

The benchmark price for a single-family home in Parksville Qualicum Beach has gone up 13 per cent since February 2020.

The latest report released by the Vancouver Island Real Estate Board indicates buyer demand continues to outstrip supply, causing the lowest inventory for the board.

“The federal and provincial governments tend to focus on demand-side policies instead of addressing the supply issue,” says 2021 VIREB president Ian Mackay. “Taxes and tighter mortgage restrictions are stopgap measures that don’t resolve the underlying problem.”

The robust housing market is impacting prices, which are rising throughout the board area. The benchmark price of a single-family home hit $609,100 last month, 15 per cent higher than in February 2020. The benchmark price of an apartment reached $325,000, an increase of nine per cent, while the benchmark price of a townhouse rose by 15 per cent year over year, climbing to $466,200.

A typical single-family home in Parksville Qualicum Beach now costs $695,600 up from $613,200 from a year ago. Five years ago, the benchmark price was $398,600.

The latest figures show Campbell River as having the highest price increase, 17.8 per cent for a single-family property from $465,100 12 months ago to $547,700.

Townhouses and apartment benchmark prices in Parksville Qualicum Beach have also gone up 14.8 per cent and 7.8 per cent from last year, respectively. A typical townhouse now costs $579,100, up from $504,300; while the apartment benchmark price is now $349,800, up from $324,000.

— NEWS Staff

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