Release via the Vancouver Island Real Estate Board (VIREB)
FOR IMMEDIATE RELEASE
August 1, 2017
Low Inventory and High Demand Creating Brisk Sellers’ Market
NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) reports that single-family home sales dipped slightly in July, down to 558 from last year’s 605, a decrease of eight per cent. Sales were also down by approximately 10 per cent from June, which saw 618 sales. Despite fewer units moving, however, lack of inventory means homes are selling faster and for more money.
Inventory of single-family homes declined by 13 per cent from July 2016, with 1,367 active listings available last month compared to 1,575 one year ago. The number of single-family homes for sale has steadily…