Around Town: Vancouver Island Real Estate Board Reports Brisk Sellers’ Market
“Total active listings on the market this spring were down 21 per cent in Victoria and 30 per cent across the rest of Vancouver Island,” says BCREA economist Brendon Ogmundson. “This imbalance will result in rising home prices until the supply of homes for sale increases, consumer demand declines, or a combination of both factors occurs.”
The benchmark price of a single-family home in the Vancouver Island Real Estate Board service area continues to increase, rising as much as 23% year-over-year.
The July 2017 benchmark price of a single-family home in the Campbell River area was $361,800, an increase of 20 per cent over July 2016. In the Comox Valley, the benchmark price hit $453,300, up 23 per cent from last year. Duncan reported a benchmark price of $407,700, an increase of 18 per cent compared to July 2016.
Nanaimo’s benchmark price rose 19 per cent to $490,500 while the Parksville-Qualicum area saw its benchmark price break the $500,000 mark, rising by 14 per cent to $506,700. The price of a benchmark home in Port Alberni hit $250,000, up 19 per cent from one year ago.
Excerpt from July 2017 VIREB news release.
Website: www.vireb.com
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