Around Town: Vancouver Island Real Estate Market Cools Slightly in June
Home sales in the Vancouver Island Real Estate Board (VIREB) area cooled slightly in June but were still significantly higher than reported one year ago. In June 2016, 713 single-family homes sold on the MLS® System compared to 636 last June, an increase of 12 per cent. Month over month, sales decreased by seven per cent from the 767 sales processed in May 2016. Last month’s active listings for single-family homes totalled 1,621, down 33 per cent from the 2,425 reported in June 2015, a record low. The last time inventory levels neared the 2,000 mark was in 2006, when they dropped to 2,029.
The June 2016 benchmark price of a single-family home in the Campbell River area was $291,900, a three per cent increase over 2015. In the Comox Valley, the benchmark price was $364,400, up nine per cent from 2015. Duncan reported a benchmark price of $325,400, an increase of nine per cent over the same month in 2015. Nanaimo’s benchmark price rose approximately 15 per cent to $402,100 while the Parksville-Qualicum area saw its benchmark price rise by 16 per cent to $433,400. The price of a benchmark home in Port Alberni was $201,800, up just under six per cent from one year ago.
The lack of inventory is also contributing to rising benchmark prices for single-family homes, townhouses, and apartments. Despite those increases, however, the Vancouver Island housing market continues to be affordable compared to the Lower Mainland and Victoria.
Visit the VIREB website for more information at www.vireb.com.
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