Vancouver Island Real Estate Board November 2018 Stats

Sales of single-family homes in November dropped by 28 per cent from one year ago and were 21 per cent lower than in October.Last month, 305 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 384 in October and 426 one year ago. Apartment and townhouse sales dipped by 14 per cent and 28 per cent, respectively.Decreased demand and modest inventory increases are helping VIREB’s housing market transition from one favouring sellers to a balanced or near-balanced market. Inventory of single-family homes last month rose by seven per cent from one year ago but dipped by nine per cent from October 2018. Active listings of single-family properties have dropped each month since hitting this year’s high of 1,418, which occurred in July. However, active listings of apartments rose by 11 per cent (287 to 319) and townhouses by 74 per cent (102 to 177).Despite lower demand, however, year-over-year benchmark prices of single-family homes continue to rise board-wide, up 12 per cent from November 2017. Price increases in individual markets ranged from nine per cent in the Comox Valley to 23 per cent in Port Alberni. Slight price reductions from October to November were posted in the Comox Valley and Duncan while modest increases were seen in Campbell River, Nanaimo, and Parksville-Qualicum. Port Alberni posted the highest month-over-month increase, up 3.69 per cent from October. The benchmark price of an apartment rose by 15 per cent year over year as did the cost of a townhouse.