Housing demand has decreased in the Vancouver Island Real Estate Board (VIREB) area, which ranges from Duncan to Port Hardy, in the first half of 2018. Despite lower sales to date, lack of inventory continues to tilt the market in favour of sellers and move prices up.

Comox Valley: $546,000, -4% from last month, +7% from last year. Units sold down 31%.
Campbell River: $484,000, +2% from last month, +29% from last year. Units sold down 21%.
Port Alberni: $360,000, +6% from last month, +20% from last year. Units sold down 39%.
Parksville: $606,000, 0% from last month, +14% from last year. Units sold down 29%.
Powell River: $349,000, -1% from last month, -2% from last year.

The British Columbia Real Estate Association predicts that over the next eight months, VIREB’s market will begin shifting towards more balanced conditions. In the meantime, competition for homes – especially in the $300,000 to $500,000 range – is still modus operandi in the VIREB area, with multiple offers a commonplace occurrence on properties in that price range.
Excerpted from VIREB’s Monthly Statistics for June.