Sales of homes on the rise on the Island
Affordable Housing coming to Ladysmith. (Sharon Vanhouwe, mycowichanvalleynow.com staff)
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.