VIREB MONTHLY STATISTICS REPORT AUGUST 2018

The weaker sales seen so far in 2018 were expected because 2016 and 2017 were exceptionally healthy years for real estate, setting record levels that could not be maintained indefinitely. However, VIREB’s housing market is still strong compared to where it sat four years ago. “B.C. housing markets have benefited from the provincial economy expanding well above trend growth over the past four years,” says BCREA chief economist Cameron Muir. “However, economic growth is expected to slow and reflect the long-term average this year.” VIREB’s long-term sellers’ market does appear to be moving towards more balanced conditions, with modest price reductions on single-family homes occurring in Campbell River, Duncan, and Parksville-Qualicum Beach. Multiple offers are coming in less frequently, but for single-family homes in the $300,000 to $500,000 range, they are still more common than not. That said, sellers still need to price their homes accordingly. Today’s buyers are savvy and well-informed when they arrive at the negotiating table.

See full report here.