While house sales have held fairly steady across Vancouver Island and the Sunshine Coast, the same can’t be said for other parts of the island and Metro Vancouver.
Vancouver Island Real Estate Board president-elect Kevin Reid says across Vancouver Island, sales of single-family homes in March dipped twenty-three per cent year over year but were up thirty-six per cent from February.
“Over the last year, the market is down. We are down about 30 per cent in volume and there has been a lot of new inventory come into the market.”
Reid says the stress test is reducing demand for higher-priced properties, and in turn pushing buyers towards less expensive homes.
On the mainland, the Metro Vancouver real estate market has gone for a plunge.
Home sales across Metro Vancouver have sunk to their lowest levels in more than three decades.
