Family in front of homeExcerpt from VIREB Media Release

NANAIMO, BC – Multiple Listing Service® (MLS®) sales summary data for July released by the Vancouver Island Real Estate Board (VIREB) shows housing sales activity across Vancouver Island was up 12 per cent compared to last year, while average sale prices remained relatively stable. The average price of a single family home sold within the VIREB region in July 2013 was $333,056, which is comparable to the $334,530 average sale price recorded in July 2012. There was also a 12 per cent increase in unit sales for July 2013, where 433 units were recorded, in comparison to July 2012, when 385 single family homes sold.

At the end of July 2013 there were 2,945 single family homes available on the Multiple Listing Service® within VIREB’s coverage area, down from the 3,317 homes in the system at the end of July 2012.

In terms of unit sales year-to-year, there continued to be large variances among our different areas: Campbell River witnessed huge growth, reporting an 87% increase; Comox Valley unit sales increased by 12%; Nanaimo sales dipped 1%; Parksville/Qualicum sales rose 2%; Cowichan Valley saw a 25% increase, and sales for Port Alberni/West Coast remained virtually unchanged from last year.

“There are a number of projects underway in the Campbell River area, and it seems this construction activity is directly contributing to the growth in their housing market,” said VIREB President, Gary Gray “This is a good example of what economic drivers can do to the market,” he stated.

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