Through the first eight months of the year, residential unit sales were down 30.5 per cent, while the average sale price was up 12 per cent to $1.02 million
New figures from the B.C. Real Estate Association suggest the provincial housing market is starting to stabilize, though some prices continue to rise.
The association noted that last month, 5,645 residential unit sales were recorded, a 40 per cent drop from the same time last year, while the average residential sale price in the province increased 2.1 per cent to $918,378. “Housing activity across the province remains well below normal but is showing signs of stabilizing,” said chief economist Brendon Ogmundson. “While inventory is up over last year, active listings have somewhat stalled at relatively low levels in most major markets and as a result we are seeing a healthier balance compared to last year.”Sales in Greater Victoria last month mirrored the province-wide figures with a 40 per cent drop, but prices on the south Island also softened.
The benchmark value for a single-family home in Victoria’s core was $1.39 million in August, down 2.9 per cent from $1.43 million in July, but up from $1.2 million in August 2021.The average price of a single-family home in Greater Victoria was $1.28 million in August, up from $1.199 million in July. The average for August 2021 was $1.224 million.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Scarborough back split drops price four times in buyer’s marketWith interest rates rising – along with local housing inventory – buyers weren’t lured in by Guildwood neighbourhood home’s asking price
Read more »
Cooling Housing Market to Trigger 'Mild Recession' in 2023: RBCThe post-lockdown momentum driving GDP in Canada’s provinces will soon slow to a crawl, as the impact of higher interest rates trigger a “mild recession” by mid-2023 - and the housingmarket will bear the brunt. realestate cdnpoli housing
Read more »
Vaughn Palmer: Rising B.C. tax revenue will give Eby room to spend if he becomes premierOpinion: Finance Ministry projections for revenue were a surprising $7 billion too low
Read more »
New database shows rental housing completions in B.C. varies by municipalityWebsite lets voters compare need against completed units in their municipality
Read more »
Port Alberni fair-goers hit with bear sprayB.C. Ambulance Service paramedics were called in to help bystanders affected when bear spray was discharged
Read more »