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Housing inventory stacking up

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Sales of single-family homes on Vancouver Island dipped in April by 13 per cent year over year but rose by 33 per cent from March.

Realtors are reporting the mortgage stress test continues to wreak havoc in mainland housing markets, and it’s spilling over onto Vancouver Island.

In the Vancouver Island Real Estate Board area, the inventory of single-family homes in April rose by 22 per cent from one year ago to the highest point it’s been since August 2018.

Despite decreased demand, home prices on the Island are still rising but the Board says the increases are softening.

Regionally, the benchmark price of a single-family home in Duncan is up 5 per cent to 480,700 dollars year over year.

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Nanaimo’s benchmark price rose by three per cent to 560,800 dollars while the Parksville-Qualicum area saw its benchmark price increase by four per cent to 582,500.

People, who are selling their homes, can’t expect to list them for the same amount of money their neighbour did two years ago.

That’s according to the Vancouver Island Real Estate Board president, Kaye Broens.

Besides problems with the mortgage stress test, Broens said some buyers are questioning the fair market value of a home they’re interested in and choosing not to purchase.

That contributes to additional inventory.

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