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.
While home prices nationally have dropped, Vancouver Island continues to see big increases year-over-year due to low inventories.
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.
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