A cooling market hasn’t been enough to slow the rise in real estate prices across Vancouver Island.
On Vancouver Island, statistics recently released by the Vancouver Island Real Estate Board show that the benchmark price of single detached homes in many parts of the island inched up from June to July.
However, housing demand in the Board area has shifted lower, likely due to stricter mortgage qualification rules for conventional borrowers and rising interest rates that are taking their toll on household purchasing power and affordability.
Last month, 437 single-family homes sold on the MLS compared to 438 in June and 556 one year ago, a decrease of 21 per cent.
Last month, the benchmark price of a single-family home in Duncan area at 446,700 dollars, down slightly from June but up 10 per cent from July 2017.
Nanaimo’s benchmark price was 534,300 dollars, the same as June but a nine per cent increase from one year ago.
The Parksville-Qualicum area saw its benchmark price increase by 14 per cent to 579,500 dollars.
On the Sunshine Coast, house prices have dropped point 7-per cent from June to July to a benchmark price of 625,900 dollars.
