Real estate market strong

Vancouver Island’s real estate market posted the strongest May sales figures since 2007.

Vancouver Island’s real estate market posted the strongest May sales figures since 2007, reports the Vancouver Island Real Estate Board, and indications are that conditions are nudging into ‘seller’s territory.’

In May, 527 single-family homes sold compared to 450 in April, with year-over-year sales up by nine per cent VIREB reports. Inventory levels have steadily declined over the last 12 months, with active listings down 10 percent from May, 2014.

VIREB President Jason Finlayson confirms that the continued slow-but-steady gains from 2007 point to a housing market that has substantially recovered. Although the summer months are traditionally quieter, activity on the Island shows no signs of slowing down.

“Despite healthy sales throughout our area, we’ve been in balanced market conditions for some time now,” says Finlayson. “However, continually decreasing inventory levels and steady price increases could start to push us into seller’s territory.”

In May, the benchmark price for a single-family home in the VIREB coverage area was $332,600, up approximately five per cent from 2014. Benchmark pricing tracks the value of a typical home in the reported area. The average price of a single-family home was $363,195 compared to $345,895 in May 2014, an increase of five per cent.