The housing market continues to cool year-over-year as we head into May.
That from the Vancouver Island Real Estate Board’s (VIREB) May 1st update. There were 391 home sales north of the Malahat, a 22 per cent decrease from 500 home sales in April of last year to this.
While sales were down, listings were up to 956 from 731 a year ago.
VIREB chair Kelly O’Dwyer says we’re not at a balanced market yet, still needing more inventory, but prices are down across the board.
The benchmark price of a single-family home across the island was $738,600, down 14 per cent from one year ago. Condos were down 10 per cent to $410,000 and townhouses were down 7 per cent to $563,600.
- Campbell River prices have dropped 11 per cent to $677,000.
- Comox Valley prices have dropped 10 per cent to $797 ,000.
- Cowichan Valley prices have dropped 14 per cent to $743,300.
- Nanaimo prices have dropped 16 per cent to $753,000
- North Island prices have dropped 4 per cent to $422,300.
O’Dwyer says they’re seeing a lot of positivity among buyers.
“We’re seeing a lot of positivity among buyers, but they’re taking a more thoughtful approach this
spring compared to last year, when the fear of missing out contributed to a frenetic market,” she says.
Her warning to sellers is to realize that their homes will not fetch the same amount of money as last year, but she’s also warning buyers to temper their expectations.
“If demand continues at the current pace or escalates, there will be upward pressure on home prices,” reads the VIREB report. “From March to April, single-family homes, condo apartments, and row/townhouses posted modest price increases in several zones.”
