Housing sales slowed a bit between June and July

Vancouver Island home sales ‘cool’

The pace of home sales slowed ‘somewhat’ last month, according to the Vancouver Island Real Estate Board

The pace of home sales slowed ‘somewhat’ last month, according to the Vancouver Island Real Estate Board, but the month still closed with a 19 per cent increase over July 2015.

This years tally was 608 single-family homes through the MLS system (VIREB covers all the Island north of Greater Victoria); that compares to 512 homes sold last July.

But the month-over-month column showed a 15 per cent decrease in sales from the 712 homes that sold in June.

The report goes on to note that July’s active listings were down 34 per cent from the previous year – 1,577 compared to 2,391 – and were more than a thousand short of June’s inventory of 1,629.

“This is a historic low for VIREB, which began tracking inventory levels in 1999,” says a VIREB release. “The last time inventory was this low was in 2005, when the number of single-family homes for sale dropped to 1,629.”

BC Real Estate Association Chief Economist Cameron Muir said it’s too early to know if the Foreign Buyer Tax that has been implemented in Vancouver will affect prices in other parts of the province.

He noted as well that usually slower housing sales during the summer can be expected.

“The housing market is usually slower in the summer months, but we believe that sales might be beginning to normalize,” Muir said. “If so, that would allow inventory to build up and ease pricing pressure a bit.”

For now, though, the ‘benchmark price’ of housing has continued to climb, although there is a range of pricing available.

“The benchmark price of a single-family home ranges from a low of $209,600 in Port Alberni to a high of $443,800 in the Parksville-Qualicum area, so there is a price to suit almost everyone,” said VIREB President Margo Hoffman.

Duncan reported a benchmark price of $326,700, an increase of just over nine per cent compared to July 2015; Nanaimo’s benchmark price rose 15.46 per cent to $409,700.


Just Posted

Ladysmith council dropping paper agenda packages

Town expects to save 50,000 sheets of paper a year by using tablets

EDITORIAL: Housing is one of our basic needs

We all need food, clothing and shelter first

CVRD sets tax increase for 2019 at 7.27%

New water and housing functions make up 3.52 % of increase

Premier makes surprise visit to Ladysmith Art Gallery

John Horgan does an informal meet and greet with Ladysmith arts and community leaders

Memorable weekend of hockey and camaraderie in Chemainus, Duncan

Many aspects of memorial tournament tug at the heartstrings

After mosque attacks, New Zealand bans ‘military-style’ guns

The gunman killed 50 in a Christchurch mosque

Real-life tsunami threat in Port Alberni prompts evacuation updates

UBC study says some people didn’t recognize the emergency signal

Care providers call for B.C. seniors’ watchdog to step down

The association also asks the province to conduct an audit and review of the mandate of her office

First Nations leader to try for NDP nomination in Nanaimo-Ladysmith

Bob Chamberlin, vice-president of Union of B.C. Indian Chiefs, announces intentions

Nitro Cold Brew Coffee from B.C. roaster recalled due to botulism scare

“If you purchased N7 Nitro Cold Brew Coffee from Cherry Hill … do not drink it.”

Short list for new gnome home includes Parksville, Coombs

Five potential locations have been chosen by Howard’s owners who will decide Tuesday

B.C. man gets award for thwarting theft, sexual assault – all in 10 minutes

Karl Dey helped the VPD take down a violent sex offender

Baby left alone in vehicle in B.C. Walmart parking lot

Williams Lake RCMP issue warning after attending complaint at Walmart Wednesday

Parksville’s mystery cowboy revealed

Kevin Gourlay’s horse garners attention for being ‘parked’ outside a liquor store

Most Read