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House prices rise due to lack of inventory

The Vancouver Island Real Estate Board says realtors are still struggling with a lack of inventory.
President, Margo Hoffman says homeowners are holding back because they’re worried they won’t find another home to purchase.
She says that low inventory is contributing to rising benchmark prices for single-family homes, townhouses, and apartments.
Year over year, the benchmark price of a single-family home in Nanaimo rose almost 15 and a half per cent to just about 410,000 dollars and Duncan reported a benchmark price of 327,000 dollars, an increase of just over nine per cent.
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