Property sales were down 11 per cent on Vancouver Island in July compared with the same month last year, while active listings increased two per cent.
Across all property types on the Island, there were 707 sales last month, with 4,598 units listed for sale.
Single-family home sales declined 12 per cent year over year, with 366 sales in July. Condo sales were similar to the previous year, with 71 transactions. Townhome sales fell 13 per cent, with 81 sales.
“While our spring and summer housing market was slow to get off the ground this year, July showed encouraging signs of improvement, with realtors across the VIREB area reporting increased activity,” said Jason Yochim, VIREB chief executive officer. “We’re seeing the most activity in the $500,000 to $750,000 price range, which underscores the importance of pricing a home appropriately,” said Yochim. “Buyers aren’t in a hurry and are willing to wait for the right property, so sellers need to be realistic about market value in today’s environment.”
The benchmark price for a single-family home on Vancouver Island was $794,500 in July, up one per cent from the previous year.
