House prices climb, sales slow
Sales of single-family homes in November dropped by 28 per cent from one year ago and were 21 per cent lower than in October.
That’s according to the Vancouver Island Real Estate Board that says apartment dipped by 14 per cent and townhouse sales were down 28 per cent.
The Board is reporting a decreased demand and modest inventory increases are moving the market to balanced territory.
The Board says government policy-side measures introduced to cool the market, such as the mortgage stress test and higher interest rates, are taking their toll on housing sales throughout the country.
Despite lower demand, however, year-over-year benchmark prices of single-family homes continue to rise.
Duncan reported a benchmark price of 473,600 dollars, up 12 per cent from November 2017 but a bit lower than in October.
Nanaimo’s benchmark price rose 10 per cent to 550,200 dollars while the Parksville-Qualicum area saw its benchmark price increase by nine per cent to 571,500 dollars.