The benchmark prices of single family homes continue to rise in the Vancouver Island Real Estate Board area.
In Nanaimo and Parksville-Qualicum prices are up 11 per cent and the benchmark price of apartments are up too, rising 21 per cent in Duncan and 29 per cent in Parksville-Qualicum.
The inventory of homes on the market has now dropped to a historic low and Jason Finlayson, past president of the Board says that’s a big problem….
Finlayson says, contrary to what some people think, it’s not foreign buyers turning to Vancouver Island as a result of what’s happening in Vancouver.
Finlayson says the key to the inventory problem is the development of new homes and it appears developers are coming on board but, he says, municipalities have to be proactive in approving land for development too.
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