Via the Vancouver Island Real Estate Board
The benchmark price of a single-family home in the VIREB area broke the $500,000 mark in May rising to $507,700, a 17 per cent increase from one year ago. Sales of single-family homes were down 17 per cent from last year but posted a month-over-month increase of nine per cent.
Last month, 520 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 476 in April and 630 one year ago. The number of apartments and townhouses changing hands in May dropped by six per cent and 11 per cent, respectively.
VIREB’s inventory of single-family homes continues to climb, rising from 749 in January 2018 to 1,215 in May. The supply of apartments dropped slightly last month, down six per cent…