Quarterly Newsletter, September 2007

Gabriola Real Estate Activity for Past Quarter

There have been 40 sales and 12 conditional sales since July 1st, 2007 as compared to 40 total sales for this time last year. The median price for the third quarter of 2007 is $300,000 as compared to the third quarter of 2006 at $248,500. Total number of properties currently on the market is 116. Of these 59 are bare land and the rest are residential. In addition there are 6 commercial properties for sale.

Property values and market activity continue to remain stable.
The Vancouver Island Real Estate board has released the results of their 2006 Buyer Profile survey. There are some interesting statistics for the islands area which includes Gabriola.

Buyer origin - 23% Vancouver, 19% Alberta, 15% Gulf Islands, 12% Victoria, 12% from within the same area, 8% Vancouver Island, 4% Ontario, 4% Elsewhere in Canada, 4% from the rest of the world.

88% were purchasing their principal residence, 12 % were first time buyers, 32% were purchasing retirement homes and 76% of the buyers were new to the community.

The top four selling price range categories were $200,000-$250,000 at 19%, $250,000-$300,000 at 16%, $300,000-$350,000 at 10%, and $350-$400,000 at 9%. Less than 5% of homes sold at over $700,000.

35% of homes sold had 3 bedrooms and another 35% had 2 bedrooms, 44% had 1 bathroom and 37% had 2 bathrooms, 76% had a wood exterior.

The most notable change in the statistics over the past three years is that we have less buyers coming from Ontario and more from Alberta.

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Gabriola Island has a new winery - Gabriola Island Winery, locally made wines with labels by island artists, available in the Village Liquor Store at Folklife Village. This year's offerings are a merlot and a port made from blackberries and blueberries. Currently they are making wine with purchased grapes, but their own grape vines are maturing and in a couple of years their wine will be made from Gabriola grapes plus they hope to have a tasting room open next summer! Check them out at www.gabriolawinery.com