Around Town: Real estate prices continue to rise on Vancouver Island
Sales of single-family homes in the Vancouver Island Real Estate Board (VIREB) area rose by 20 per cent month over month in April but remained static from one year ago.
Demand is still outpacing supply in the VIREB area, particularly in some price ranges. Properties in the $300,000 to $500,000 range generate multiple offers and sell quickly. However, higher-priced homes are taking longer to sell.
Last month, the benchmark price of a single-family home in the Campbell River area climbed to $410,000, an increase of 22 per cent over April 2017. In the Comox Valley, the benchmark price reached $487,100, up 17 per cent from last year. Duncan reported a benchmark price of $444,700, an increase of 17 per cent compared to April 2017. Nanaimo’s benchmark price rose 16 per cent to $537,800 while the Parksville-Qualicum area saw its benchmark price increase by 18 per cent to $562,800. The cost of a benchmark home in Port Alberni reached $282,000, up 24 per cent from one year ago.
Excerpt from May 1, VIREB statistics www.vireb.com.
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