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Home sales on Vancouver Island slow as 2023 winds down

Home sales continue to slow on Vancouver Island to end the year.

That according to the Vancouver Island Real Estate Board’s (VIREB) update for the month of November.

VIREB Chair Kelly O’Dwyer says this is normal for the month as home sales tend to slow as we get closer to Christmas.

She says there is high demand, but high-interest rates are deterring buyers who hope for rate decreases in the spring.

Home sales were down 2 per cent from last November, and 3 per cent from October.

The benchmark price of a home north of the Malahat was $760,100, which is up four per cent from a year ago, and down one per cent from October. The prices in different markets were as follows:

  • Campbell River: $656,900 – up four per cent from November 2022
  • Comox Valley: $832,800 – up seven per cent
  • Cowichan Valley: $769,800 – up five per cent
  • Nanaimo: $793,100 – up four per cent
  • North Island: $413,400 – down six per cent
  • Parksville-Qualicum: $861,300 – up two per cent
  • Port Alberni: $507,300 – down three per cent
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