Home sales on Vancouver Island fell one per cent year over year in May.
The latest report from the Vancouver Island Real Estate Board said there were 768 sales across all property types on the Island last month. Active listings rose three per cent to 4,585 units.
“Consumer confidence has been affected by ongoing uncertainty and many buyers appear to be taking a more cautious, wait-and-see approach before making a decision to purchase,” said Jason Yochim, VIREB chief executive officer. “We’re still seeing activity on well-priced properties, including some multiple-offer situations. At the same time, homes priced above current market expectations are taking longer to sell. Buyers are being more measured and sellers need to be realistic in today’s market.”
The benchmark price for a single-family home on Vancouver Island fell one per cent from May 2024 and increased slightly from April to $791,600.
Condominium sales rose 10 per cent compared with May 2024 and were up 23 per cent from April, with 79 sales recorded across the Island.
Single-family home sales declined four per cent year over year, with 384 transactions.
