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.
“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.