Around Town: Home sales down from 2018 but prices still rising due to limited inventory
Although the national average price of a home dropped in March by 10.4 per cent, Vancouver Island saw big increases compared to the year before.
The Canadian Real Estate Association (CREA) says to buy a home in Victoria, it will cost an average of $658,600, a 14.6 per cent increase from March 2017 when the average price was $574,600. The rise is even sharper for the rest of Vancouver Island with the average March price being 20.5 per cent higher than last year at $466,700.
Last month, the benchmark price of a single-family home in the Campbell River area climbed to $401,500, an increase of 24 per cent over March 2017. In the Comox Valley, the benchmark price was $475,600, up 17 per cent from last year. Duncan reported a benchmark price of $426,900, an increase of 17 per cent compared to March 2017. Nanaimo’s benchmark price rose 17 per cent to $528,900 while the Parksville-Qualicum area saw its benchmark price increase by 20 per cent to $554,400. The cost of a benchmark home in Port Alberni reached $276,600, up 27 per cent from one year ago.
Excerpts from Canadian Real Estate Association’s and Vancouver Island Real Estate Board April press releases.
Receive up-to-date information on building permits, tenders, proposed developments and construction news for the Comox Valley, Campbell River, Port Hardy, Powell River and more locations on the North Island.Click here for 4 FREE Issues