Quarterly Newsletter, April 2010

Recent Market Activity

There are currently 112 properties listed for sale: 40 are vacant land and the rest are residential. There are also 5 commercial listings for sale.

There were 15 sales plus 6 conditional sales in the first quarter of 2010 compared to 18 sales during the same time period of 2009. Of the 15 sales, 5 are lots or acreage and 10 are homes. 6 of these properties received competing offers with 4 of them selling above asking price. Ranging in price from $124,000 to $707,000, the median sales price of the first quarter of 2010 is $272,000 compared to $291,500 for the first quarter of 2009.

Sales for the Vancouver Island Real Estate Board area have increased in numbers by approximately 60% and prices are up by approximately 9% for March 2010 over March 2009. Activity is expected to remain elevated over the first half of this year, but there is more product to choose from making it important for sellers to price their homes properly.

Mortgage rates have remained historically low but with the rebound in the economy, interest rates are expected to rise by small amounts spread out over time. The forecast by BCREA is a rise in interest rates from 5.5% in the second quarter of 2010 for a 5 year term to 6.4% in the first quarter of 2011.

Garbage & Recycling Schedule

New Gabriola garbage pick-up schedules are out for 2010, you can print one off by going to the Regional District of Nanaimo website.

HST

Harmonized sales tax for BC - for updates from the Canadian Revenue Agency check this website.

Community Garden & People for a Healthy Community

Help out at the community garden at the Commons this spring with People for a Healthy Community. "PHC works to support the health and well being of our community: children, families and individuals; offering a Food Bank, Soup Socials, Employment Counselling, Housing Support, Citizen Advocate Consulting and Community Gardens". To find out more click here.

Spring seems slow to come this year but the promise is there with trees and bulbs in flower and a balmy warmth when the sun is shining. We are looking forward to our mild summer weather and swimming at our favourite beaches, in the meantime we are breathing in some spring air by walking in our 707 acre park!

Easter festivities were abound this past weekend with plenty of chocolate eggs to go around. The Village center was bustling with many visitors for the holiday weekend all starting with a wicked windstorm and power outage on Friday.

We thank you for reading our newsletter and appreciate your interest. Please contact us if you are considering buying or selling a property on Gabriola - we look forward to the opportunity to work with you. If you have any questions please contact us by email at mcmahon@gabriolaproperty.com or ask for us at the Coast Realty office, toll-free 1-877-422-8455 or local 250-247-2088.

Sincerely,

Lesley, Robyn & Carly McMahon