Around Town: VIREB Statistics for July 2016
Home Sales a Bit Cooler in July but Significantly Higher Than Last Year
Home sales in the VIREB (Vancouver Island Real Estate Board) area cooled somewhat last month but posted a 19 per cent increase over July 2015. In July 2016, 608 single-family homes sold on the MLS® System compared to 512 last July for all communities on Vancouver Island except for the greater Victoria area.
The Vancouver Island Real Estate Board has released its sales statistics for the month of July. The report shows the market has cooled, but is still up 19% over this time last year.
July’s active listings for single family homes totalled 1,577, down 34 per cent from the 2,391 reported in July 2015. This is a historic low for VIREB, which began tracking inventory levels in 1999. The last time inventory was this low occurred in 2005 when the number of single-family homes for sale dropped to 1,629. Economic factors fuelling the provincial housing market are strong consumer confidence and high employment growth. British Columbia’s economy continues to lead the country.
The complete VIREB report can be found on their website by clicking here.
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