Home prices increased nominally, north of the Malahat in September.
Across the region, the benchmark price of a single-family home rose one per cent, month-to-month, and two per cent, year-over-year, to $776,200.
Inventory was down, with just 1,173 listings, compared to 1,417 a year ago.
All of this is according to the Vancouver Island Real Estate Board’s (VIREB) September report. VIREB Chair Kelly O’Dwyer says the month was somewhat slower than expected, which could be a sign that higher interest rates are starting to affect buyers.
“Potential buyers seem to be holding out for more favourable rates and conditions,” says O’Dwyer.
She says that the market seems to be shifting to favour buyers and that sellers should adjust their expectations if they hope to sell their home in a reasonable amount of time.
Benchmark prices for single-family homes in each VIREB major market through September were as follows:
- Campbell River – $668,000 – up one per cent year-over-year.
- Comox Valley – $842,000 – up six per cent
- Cowichan Valley – $788,600 – up one per cent
- Nanaimo – $802,000 – nominal increase
- Parksville-Qualicum – $891,800 – up two per cent
- Port Alberni – $538,000 – up two per cent
- North Island – $438,300 – down nine per cent
