Inventory dropped by 7.6 per cent, or 1,375 listings, last month from the previous month. “The market is driven by inventory and fewer home listings lead to fewer home sales,” Langlois said. “In that context, these numbers do not reflect a downturn in our market but reveal sales falling due to this continued trend of low inventory.” A total of 835 properties sold last month, down by 14.7 per cent from the 979 sales in July 2020, the board’s report said. Elton Ash, regional executive vice-president for RE/MAX western Canada, said the real estate market is returning to normal patterns, as sale are typically lower in July and August after a stronger spring.
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B C housing market cooling, but June prices up 22 per cent from 2020
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Island real estate market slows slightly, but not enough to cool prices
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Vancouver Island’s scorching real estate market cooled down a bit in June.
Last month, the Vancouver Island Real Estate Board (VIREB) saw sales of 533 single-family detached properties compared to 531 the previous month and 473 in June 2020.
In the condo apartment category, sales dropped by 10 per cent from May 2021 (150 to 134).
Row/townhouse sales decreased by 18 per cent from May and were 15 per cent lower than in June 2020.
Sales in the VIREB area are tracking at around 400 units more than at this time in 2016, which was the board’s strongest market historically.