NANAIMO, BC – Last month, 444 single-family homes sold on the Multiple Listing Service® (MLS®) System
compared to 518 in May and 617 one year ago. The number of apartments changing hands last month dropped by
21 per cent, but in the townhouse category, sales increased by 26 per cent.
Housing demand in the VIREB area has shifted lower in the first half of 2018 as stricter mortgage qualifications for
conventional borrowers and rising interest rates took their toll on household purchasing power and affordability. It
is unclear whether the June slowdown is reflective of seasonal summer market conditions or if demand-side policy
changes are finally beginning to play a larger role in VIREB’s housing market.
Despite lower sales thus far in 2018, lack of