A press release from the Vancouver Island Real Estate Board (VIREB) says sales of single-family homes from Duncan to Port Hardy were down 16 per cent from October 2017 and up 11 per cent from September 2018. Multiple offers have slowed, and buyers are taking more of a wait-and-see approach, VIREB says.

October 2018 Multiple Listing Service Sales Summary:
  • Comox Valley: $523,255, +3% from Sept., +2% last Oct., YTD units sold -34%
  • Campbell River: $484,033, -10% from Sept., +5% last Oct., YTD units sold -13%
  • Port Alberni: $375,482, -12% from Sept., +20% last Oct., YTD units sold -53%
  • Parksville/Qualicum: $575,763, +15% from Sept., +10% last Oct., YTD units sold -5%

Decreased demand and stabilizing inventory are helping VIREB’s long-term sellers’ market evolve into one that is more balanced. Inventory of single-family homes in October was up slightly from one year ago (1,175 compared to 1,138) but down eight per cent from September. There were 322 active listings of apartments in October, up seven per cent from 2017 while the supply of townhouses rose by 28 per cent year over year. This year’s housing market is behaving as expected, moderating after the record-setting pace set in 2016 and 2017.

Excerpted from the VIREB Nov. 1, 2018 press release