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Sales of homes on the rise on the Island

Home sales on Vancouver Island are treading water.

According to the Vancouver Island Real Estate Board, sales of single-family homes in May dipped by 12 per cent year over year, but rose by 11 per cent from April.

The board’s president-elect Kevin Reid said the market has shifted on the island.

“We have definitely moved from a seller’s market to one that is more balanced.”

He says that shift isn’t a bad thing.

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“I find when we see market corrections like this, the sale prices will shift, say, one per cent but really, there’s more opportunity for the buyers to have a choice of better locations, perhaps more negotiating opportunities, so it turns into a very balanced market between buyer and seller.”

Regionally, the market has moderated.

Regionally, the benchmark price of a single-family home in Duncan increased 2 per cent year over year to 469,400 dollars.

Nanaimo’s benchmark price rose by two per cent to 557,500 dollars while the Parksville-Qualicum area saw its benchmark price increase by three per cent to just over 587,000 dollars.

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